When a supply and demand model is used to analyze the market for labor,
a. demand is generally no longer downward sloping.
b. the wage rate is used on the vertical axis as the market price.
c. employment is used on the horizontal axis as the market quantity.
d. both b and c.
D
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In a competitive separating equilibrium, low cost consumers of insurance will not fully insure because insurance rates offered to them are not actuarily fair.
Answer the following statement true (T) or false (F)
The Bureau of Labor Statistics does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labor force participation rate would change
What will be an ideal response?
Frictional unemployment will always exist since
A) some workers will always want to make a job transition. B) the capitalist system promotes unemployment. C) mismatches in skills will always exist. D) the U.S. economy will continue to shrink.
Net exports:
a. will increase if exports of goods decline. b. will increase if imports of goods rise. c. in our GDP accounts permit estimation of foreign ownership of American businesses. d. include budgetary outlays of the federal government. e. is the net effect of the foreign trade sector on GDP.