Which of the following causes of unemployment is associated with a wage rate above the market equilibrium level?
a. minimum-wage laws
b. unions
c. efficiency wages
d. All of the above are correct.
d
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The above figure shows Bobby's indifference map for juice and snacks. Also shown are three budget lines resulting from different prices for snacks. Bobby's demand for snacks is
A) unit elastic. B) elastic. C) inelastic. D) perfectly elastic.
From 2007 to 2008, the Federal Reserve System reduced interest rates, the price which borrowers pay. As a result, economists expected that the quantity of money supplied would
a. increase. b. decrease. c. not change. d. Uncertain-economic theory has no answer to this question.
The aggregate demand curve is
A. vertical if full employment exists. B. horizontal when there is considerable unemployment in the economy. C. downward sloping because of the interest rate, wealth or real balances, and foreign-purchases effects. D. downward sloping because production costs decrease as real domestic output increases.
When the price of a movie ticket falls from $14 to $10, the quantity of tickets demanded increases from 500 to 700 a day. What is the price elasticity of demand for movie tickets? (Use the midpoint method.)
What will be an ideal response?