If the unemployment rate is above its natural rate, then ________
A) output is below its potential level
B) there is excess tightness in the labor market
C) wages and prices will rise more rapidly and the AS curve will shift to the left
D) all of the above
E) none of the above
A
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How would you describe the world distribution of income?
A) persistently unequal B) temporarily unequal C) converging D) fairly equal E) completely unpredictable
Assume an industry initially in equilibrium has a price floor imposed at a price above the equilibrium price. Total revenue received by the producers from sales will: a. rise as a result
b. rise as a result only if supply is elastic. c. rise as a result only if demand is elastic. d. rise as a result only if demand is inelastic.
When you purchase a share of stock, you are
A) borrowing funds from the corporation. B) lending funds to the corporation. C) selling an ownership right in the corporation. D) acquiring an ownership right in the corporation. E) b and d
Identify the correct statement.
?a. If the inflation rate is high, real wages and nominal wages change by the same amount.? b. If the price level increases, real wages will increase.? c. ?In periods of low inflation, real wages are constant but nominal wages decline. d. ?If the price level increases, nominal wages will fall. e. In periods of high inflation, real wages change even if nominal wages remain constant.?