The labor-supply and labor-demand curves for the market intersect:
A. at the equilibrium wage.
B. at the number of unemployed people in the market.
C. above equilibrium price.
D. All of these statements are true.
Answer: A
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The consumer price index implicitly assumes that the demand curve for each good and service in the representative market basket is
A) vertical. B) negatively sloped. C) positively sloped. D) horizontal.
Which of the following is true of high and variable rates of inflation?
a. When such rates are present, it will be difficult for people to accurately forecast next year's rate of inflation. b. Inflation of this type will help promote economic growth and the efficient use of resources. c. People will respond to such rates by spending more time producing and less time trying to protect their wealth and income from the uncertainty created by the inflation. d. Inflation of this type will improve the information content delivered by market prices.
If investment opportunities in the U.S. become more attractive to foreigners,
a. the exchange-rate value of the dollar will fall. b. the current-account balance will shift toward a deficit. c. the capital inflows to the U.S. will fall. d. all of the above are true.
Since 1950, the average length of a recession in the United States has been
A) such that recessions barely exist. B) less than a year. C) between 1 and 2 years. D) greater than 2 years.