During the Great Depression, the actual unemployment rate in the U.S. ________, and the natural rate apparently ________
A) increased; decreased
B) increased; remain unchanged
C) increased; increased as well
D) decreased; increased
E) decreased; remained unchanged
C
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A minimum wage set above the equilibrium wage rate is a price
A) ceiling that results in a shortage of low-skilled labor. B) ceiling that results in a surplus of low-skilled labor. C) floor that results in a shortage of low-skilled labor. D) floor that results in a surplus of low-skilled labor.
Globalization is closely aligned with which of the following?
A) increased free enterprise B) more government control of markets C) less freedom of movement for people D) less freedom of movement for goods
The art of monetary policy requires acting in accordance with the Taylor Rule.
Answer the following statement true (T) or false (F)
If the demand for a product falls and the supply stays the same
A) the market clearing price will fall and the equilibrium quantity will rise. B) the market clearing price will rise and the equilibrium quantity will fall. C) both the market clearing price and the equilibrium quantity will fall. D) both the market clearing price and the equilibrium quantity will rise.