Historically, velocity has been:
A. relatively stable, though the recent crisis has temporarily caused some significant changes.
B. relatively stable, though the Great Depression of the 1930s caused some significant fluctuations.
C. in sync with the business cycle, slowing during times of decline and increasing with recovery.
D. in sync with the business cycle, increasing during times of decline and increasing with recovery
A. relatively stable, though the recent crisis has temporarily caused some significant changes.
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If a straight line crosses the Y-axis at 2 and crosses the X-axis at 4, we can conclude that the slope of the line is
A) positive. B) negative. C) zero. D) infinity.
In economics, all the items that people would consume if they had unlimited income are known as
A. wants. B. needs. C. aggregates. D. outputs.
A union could raise wages without causing unemployment of union members if it can increase demand for union labor. How might this goal be achieved?
What will be an ideal response?
Suppose the marginal product of labor is MPN = 200 - 0.5Nwhere N is aggregate employment. The aggregate quantity of labor supplied is 100 + 4w, where w is the real wage. The government imposes a minimum wage of 60. How much unemployment will this create among unskilled labor?
A. 0 B. 80 C. 100 D. 60