Government unemployment insurance tends to
What will be an ideal response?
increase the unemployment rate by lowering the opportunity cost of job search.
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Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Which country faces the lowest opportunity cost of producing beef?
A) The U.S. B) Canada C) Both countries D) Neither country
Of the following high-income countries, which has the lowest number of MRI units per 1 million population?
A) Canada B) Japan C) the United Kingdom D) the United States
Say's Law
a. cannot be satisfied if there is excess supply or demand in individual markets in the long run b. ensures that every firm will sell all of its output c. can be satisfied even if there is a general overproduction or underproduction of goods in the economy d. is satisfied only if every market clears in the short run e. shows that the total value of spending in the economy will equal the total value of the output produced
Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer
a. $17 per hour. b. less than $17 per hour because some people would be willing to work for less. c. less than $17 an hour to prevent shirking. d. more than $17 per hour in order to attract a better pool of applicants.