Suppose that the market for labor is initially in equilibrium. An increase in immigration will cause the equilibrium wage
a. and the equilibrium quantity of labor to rise.
b. and the equilibrium quantity of labor to fall.
c. to rise and the equilibrium quantity of labor to fall.
d. to fall and the equilibrium quantity of labor to rise.
d
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What are the two ways of looking at GDP?
A. Output approach and consumption approach B. Income approach and saving approach C. Expenditures approach and income approach D. Output approach and expenditures approach
Aggregate demand is the relationship between the quantity of real GDP demanded and the ________
A) price level B) money wage rate C) real wage rate D) nominal GDP demanded
During the colonial period, the U.S. and other countries relied on "privateers.". Which of the following most accurately describes privateers?
a. Privateers were also known as pirates. b. Privateers were citizens who owned ships that attacked vessels from rival nations. c. Privateers were groups of convicts who stole from American sailing vessels. d. Privateers were a formal group part of the American Navy.
Which of the following best describes the assumption that monetarists make regarding velocity?
a. It is fairly predictable in the short run and certainly in the long run. b. It is not possible to predict velocity in the short or long run. c. It is variable in the long run but predictable in the short run. d. It is constant in the long run but variable in the short run.