Which of the following is not the result of wage stickiness in an economic downturn?
A. Actual wages are temporarily above the market-clearing level.
B. Cyclical unemployment.
C. A surplus of labor.
D. A shortage of labor.
D. A shortage of labor.
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Refer to Table 20-19. Looking at the table above, what is the rate of growth of the average price level from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4% E) 5%
Suppose external costs are present in a market which results in the actual market price of $70 and market output of 150 units. How does this outcome compare to the efficient, ideal equilibrium?
a. The efficient price would be higher than $70. b. The efficient price would be lower than $70. c. The efficient price would also be $70. d. The efficient output would be greater than 150 units.
The aggregate supply curve is
a. vertical in the long run and slopes upward in the short run. b. upward sloping in the long run and vertical in the short run. c. vertical in the short run and in the long run. d. upward sloping in the short run and in the long run.
In general, a greater population growth rate means ______.
a. lower capital stock per worker b. greater economic growth c. a higher standard of living d. fewer diminishing marginal returns