In European countries where it is hard to fire an employee:
A. employers are reluctant to hire workers.
B. employers instead rely on undocumented transient workers.
C. employers try hard to train workers well.
D. employers often treat workers very poorly.
Ans: A. employers are reluctant to hire workers.
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Suppose the federal budget deficit for the year was $500 billion and the economy was in a recession
If the economy had been at potential GDP, it is estimated that tax revenue would have been $350 billion higher and government spending on transfer payments would have been $200 billion lower. Using these estimates, the cyclically adjusted budget A) deficit was $1,050 billion. B) deficit was $650 billion. C) surplus was $50 billion. D) surplus was $650 billion.
What short-run choice does the Phillips curve illustrate?
a. The choice between higher real wages and higher output b. The choice between cyclical unemployment and frictional unemployment c. The choice between a higher capital stock and inflation d. The choice between higher output per capita and maintaining the natural rate of unemployment e. The choice between unemployment and inflation
In fiscal year 2001, the U.S. government ran a surplus of about $127 billion. In fiscal year 2002, the government ran a deficit of $159 billion. Other things the same, this change would be expected to have
a. decreased interest rates and investment. b. decreased interest rates and increased investment. c. increased interest rates and investment. d. increased interest rates and decreased investment.
Richard is consuming X and Y so that he is spending his entire income and MUx/Px = 6 and MUy/Py = 10. To maximize utility, he should
A. continue to consume the same amount of X and Y since he is already maximizing utility. B. consume more X and less Y. C. consume less of both X and Y. D. consume less X and more Y.