Answer the following statement(s) true (T) or false (F)
1. Economists agree that setting a minimum wage causes some unemployment.
2. Private-sector unions are the main cause of unemployment in the United States.
3. Unemployment insurance is thought to increase the rate of unemployment.
4. Technological advances generally reduce unemployment in the short term.
5. The prices of some goods and services can fall during inflation.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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Refer to Figure 8A.2. Compared to curve s1Y, curve s2Y represents
A) a decrease in depreciation. B) a decrease in original capital stock. C) a higher saving rate. D) a decrease in capital deepening.
In the above figure, if five million CDs per month are produced and consumed, that is
A) better than producing and consuming four million CDs because more is always better than less. B) more than the efficient quantity because the marginal social benefit exceeds the marginal social cost. C) more than the efficient quantity because the marginal social cost exceeds the marginal social benefit. D) less than the efficient quantity because the opportunity cost exceeds the marginal social benefit.
A graphical representation which shows the trade-off that occurs when more of one output is obtained at the sacrifice of another is called
A) a Laffer Curve. B) a production possibilities curve. C) a bell curve. D) a supply curve.
The 1996 Farm Act actually increased the level of government assistance to farmers.
Answer the following statement true (T) or false (F)