When the labor market is at full employment
A) there is only cyclical unemployment in the economy.
B) there is only structural unemployment in the economy.
C) the unemployment rate is 0%.
D) there is no cyclical unemployment in the economy.
Answer: D
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A legitimate concern about illegal immigration is that it:
A. Tends to lead to higher product prices B. Has a negative fiscal impact on local and state governments C. Causes a one-for-one reduction in employment for legal residents D. Causes the average wage level in the U.S. to fall
This Application examines the concept of
A) sticky prices. B) consumer spending habits. C) stagflation. D) the wealth effect.
If government rules and regulations hurt free trade then
A) one might find higher levels of investment. B) one might find more corruption. C) one might find positive externalities. D) all of these choices
Suppose an airline ticket from Charlotte to Dallas costs $525 . A bus ticket is $325 . Traveling by plane will take 5 hours, compared with 25 hours by bus. Thus, the plane costs $200 more but saves 20 hours of time . Other things constant, an individual will gain by choosing air travel if, and only if, each hour of her time is valued at more than
a. $10 per hour. b. $13 per hour. c. $20 per hour. d. $105 per hour.