Which of the following statements is true?
A) Labor markets in the United States are frictionless.
B) The market wage rate is always below the equilibrium wage rate in a frictionless labor market.
C) There is always some unemployment in a frictionless labor market.
D) Both employees and employers have complete information about each other in a frictionless labor market.
D
You might also like to view...
Refer to the figure above. In comparison to the bundles on IC1, the bundles on IC3:
A) give the same level of utility and are affordable. B) give the same level of utility but are not affordable. C) give a higher level of utility and are affordable. D) give a higher level of utility but are not affordable.
From the Monetarist perspective, an autonomous downward shift in investment will
A) shift the aggregate demand curve to the left. B) shift the aggregate demand curve to the right. C) have little effect on the aggregate demand curve. D) cause a downward shift in the consumption function.
Taking into account the utility of all persons in society is referred to as
A. an utilitarian social welfare function. B. equalizing social welfare function. C. an in-kind transfer. D. a Pareto equilibrium.
Explain why Social Security and Medicare aren't welfare programs.
What will be an ideal response?