What definition of unemployment would you expect classical economists to use?
A. anyone who is willing to work at the current market wage, but has not yet been able to find employment
B. anyone who is actively seeking work
C. anyone who is willing to work if the market wage increases
D. anyone who is currently not working
Answer: A
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The unemployment rate is an example of a Federal Reserve
A) tool. B) operating target. C) intermediate target. D) ultimate objective.
What type of loan led the wave of bank lending in the 1970s and 1980s?
A) consumer loan B) commercial mortgage C) loans to state and local governments D) commercial paper
If the dollar price of the English pound goes from $1.50 to $1.75, the dollar has
a. appreciated, and Americans will find English goods cheaper. b. appreciated, and Americans will find English goods more expensive. c. depreciated, and Americans will find English goods cheaper. d. depreciated, and Americans will find English goods more expensive.