For many small firms, providing health insurance for their workers
A) represents their most rapidly increasing cost.
B) costs virtually nothing under the ACA.
C) encourages them to hire more full-time workers.
D) has decreased in cost over the past 10 years.
A
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Which of the following statements is true when wages are above the market clearing wage?
A) The larger the gap between the current market wage and the market clearing wage, greater will be the amount of unemployment. B) At wage rates above the market clearing wage rate, there is an excess demand for workers. C) At wage rates below the market clearing wage rate, there is an excess supply of workers. D) The larger the gap between the current market wage and the market clearing wage, smaller will be the amount of unemployment.
The rational expectations hypothesis means that
A) economic agents can predict the future. B) economic agents do not make systematic errors. C) everyone expects everyone else to act rationally. D) economic agents reason with expectations.
Economy X has just one worker, while Economy Y has 100 workers. Both have the same capital and land resources and produce the same good. If labor specialization occurs in Economy Y, we would expect Economy Y to produce
a. exactly the same quantity of goods as Economy X b. 100 times the quantity of goods as Economy X c. less than 100 times the quantity of goods as Economy X d. more than 100 times the quantity of goods as Economy X e. more inefficiently than Economy X
The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of the good rises, and when the price falls, the quantity demanded falls
a. True b. False Indicate whether the statement is true or false