If a technological change lowers the wage of unskilled workers, it is an example of:
A) a skill-biased technological change.
B) an unskilled-biased technological change.
C) a preferential-biased technological change.
D) a statistical-biased technological changes.
A
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The Federal Reserve lowers interest rates. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
If the price of hair styling increases, then
A) hair styling salons hire fewer workers but makes more profit. B) hair stylists demand an increase in wages and the salons hire fewer workers. C) the value of marginal product of each hair stylist increases and the demand curve for hair stylists shifts leftward. D) the value of marginal product of each hair stylist increases and the demand curve for hair stylists shifts rightward.
The most affordable places to live tend to be located disproportionately in
A. Michigan, Ohio, and Illinois. B. Mississippi and Louisiana. C. California, New York, and New Jersey. D. all of these, because affordable places to live are randomly distributed geographically.
Among the causes of the Great Depression, Keynes would agree with all of the following explanations EXCEPT
A. There was insufficient aggregate demand to achieve full employment. B. There was a lack of investment on the part of businesses because interest rates were too high. C. Supply had not created its own demand. D. Labor unions and businesses resisted wage and price cuts.