In 2008, as the economy moved into a recession,
A) cyclical unemployment increased.
B) structural unemployment decreased.
C) natural unemployment decreased.
D) frictional unemployment was not affected.
E) the number of marginally attached workers decreased.
A
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In what way does land differ from other inputs such as labor and capital?
What will be an ideal response?
Which of the following events will cause a leftward shift in the supply curve of gasoline?
A) A decrease in the price of gasoline B) An increase in the wage rate of refinery workers C) Decrease in the price of crude oil D) An improvement in oil refining technology E) all of the above
Explain why nominal wages are a function of the expected price level
What will be an ideal response?
Real income is ________
A) equal to money income minus taxes B) equal to the income earned legally C) equal to money income plus benefits minus taxes D) the maximum amount of goods and services that a household can afford