According to classical economists, the increase in the unemployment rate in recessions occurs because
A) aggregate demand is insufficient.
B) the time needed to find a job rises in recessions.
C) labor unions prevent firms from cutting wages.
D) firms will replace workers by machines.
B
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Your marginal utility from a hamburger
A) is always greater than your total utility from hamburgers. B) is always greater than your average utility from a hamburger. C) is always greater than the price of a hamburger. D) depends on how many hamburgers you've already eaten.
Is there evidence that an increase in per capita income stimulates population growth?
What will be an ideal response?
In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to marginal cost.
Answer the following statement true (T) or false (F)
Suppose equilibrium for an economy occurs when C + I + G + X = $20 trillion. If the real Gross Domestic Product (GDP) is $21 trillion, then unplanned inventories are
A. decreasing, and real Gross Domestic Product (GDP) will contract. B. increasing, and real Gross Domestic Product (GDP) will expand. C. decreasing, and real Gross Domestic Product (GDP) will expand. D. increasing, and real Gross Domestic Product (GDP) will contract.