If firms believe that a downturn in sales and output is ________, the most likely course of action would be to reassign their workers to different jobs.
A. permanent
B. long-lasting
C. unlikely
D. temporary
Answer: D
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
The underground economy includes: a. only illegal sources of unreported income
b. both legal and illegal sources of unreported income. c. both legal and illegal sources of reported income. d. payments that are reported to the government.
Which of the following would be the best example of a spot market?
a. the market for fine art b. the market for bananas c. the market for stocks and bonds d. the market for baseball cards
In the efficiency wage model with the efficiency wage above the market-clearing wage, when employment is at its full-employment level,
A. labor supply equals labor demand. B. there could be either an excess demand for, or an excess supply of, labor. C. there is an excess supply of labor. D. there is an excess demand for labor.