Both theory and history point to a close relationship between increases in
a. labor demand and increases in labor supply.
b. labor demand and decreases in real wages.
c. the productivity of labor and increases in real wages.
d. interest rates and decreases in real wages.
c
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The prices of several essential goods in Agraria almost doubled over the last decade. In order to satisfy the voters, the government of Agraria introduced price controls. What is likely to happen after the introduction of these price controls?
What will be an ideal response?
Full employment is the level of unemployment that occurs
A) when everyone looking for a job has a job. B) when cyclical unemployment is zero. C) when frictional and structural unemployment are zero. D) when frictional, structural, and cyclical unemployment are zero. E) None of the above answers is correct.
Which of the following creates difficulties in making comparisons of real GDP across nations?
A. Each nation has a different population. B. Nations produce different goods and services. C. Relative prices differ sharply across countries. D. Nations often have different languages.
An increase in the quantity demanded means that:
A. given supply, the price of the product can be expected to decline. B. the demand curve has shifted to the left. C. price has declined and consumers therefore want to purchase more of the product. D. the demand curve has shifted to the right.