Consider the labor market for short-order cooks. A shortage in the availability of frying pans will cause
a. both equilibrium wages and equilibrium employment to increase.
b. both equilibrium wages and equilibrium employment to decrease.
c. equilibrium wages to increase and equilibrium employment to decrease.
d. equilibrium wages to decrease and equilibrium employment to increase.
b
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If an area or region meets or exceeds the NAAQS, it is called a(n)
a. air quality control region (AQCR) b. prevention of significant deterioration area c. nonattainment region d. none of the above
Use the following table to answer the next question.YearUnemployment Rate (%)Inflation Rate (%)14.03.024.52.535.02.045.53.056.04.5Consider years 3, 4, and 5. Based on this data, the Phillips curve is ________.
A. downward sloping B. vertical C. of indeterminate slope D. upward sloping
Because of the income effect, the labor supply curve is
A) eventually backward bending as wage rate increases. B) positively sloped. C) horizontal. D) vertical.
Appreciation of the Canadian dollar will
A. intensify an existing disequilibrium in Canada's balance of payments. B. make Canada's exports less expensive and its imports more expensive. C. make Canada's exports more expensive and its imports less expensive. D. make Canada's exports and imports both more expensive.