Mechanism design can be used to provide employers and employees with the right incentives in labor markets.
Answer the following statement true (T) or false (F)
True
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The type of unemployment that occurs because of a recession is called: a. frictional unemployment
b. seasonal unemployment. c. the natural rate of unemployment. d. cyclical unemployment.
In the open-economy macroeconomic model, if investment demand increases, then
a. net exports and the real exchange rate rise. b. net exports rise and the real exchange rate falls. c. net exports fall and the real exchange rate rises. d. net exports and the real exchange rate fall.
Say's Law states that
A. Increased prices lead to increased supply. B. Shifts of either supply or demand can achieve a given market equilibrium. C. Supply creates its own demand. D. Wages and prices are inflexible, which prevents the achievement of market equilibrium.
The least costly way to produce any given level of output is indicated by
A. the isocost line corresponding to that level of output. B. the point of tangency between an isocost line and the isoquant corresponding to that level of output. C. the point of intersection between the isoquant corresponding to that level of output and the Y-axis. D. the point of intersection between the isoquant corresponding to that level of output and the X-axis.