One consequence of unemployment is that:
A. some productive potential of the economy is being wasted.
B. the time and skills of the unemployed are not being put to use.
C. it can create uncertainty about the future.
D. All of these are consequences of unemployment.
D. All of these are consequences of unemployment.
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If at the prevailing real wage rate, the quantity of labor supplied exceeds the quantity demanded
A) there is a shortage of labor. B) the real wage rate will rise to restore equilibrium. C) the real wage rate is greater than the equilibrium real wage rate. D) None of the above answers is correct.
Which of the following is a characteristic of an oligopolistic market structure?
A) There are few dominant sellers. B) Each firm sells a unique product. C) Each firm need not react to the actions of rivals. D) It is easy for new firms to enter the industry.
Assume that a perfectly competitive market is in long-run equilibrium. Suppose as a result of a health hazard associated with the industry's product, demand decreases drastically. What is the immediate result of this event?
A) The market price falls and the typical firm suffers an economic loss. B) The market supply increases to offset the fall in demand. C) The typical firm's average total cost curve shifts downward. D) The typical firm's marginal cost curve shifts to the left.
Elimination of government regulations undertaken explicitly to influence the aggregate supply curve would be an example of
A. demand-side economics. B. supply-side economics. C. Keynesian economics. D. classical economics.