During a boom, the actual rate of unemployment will be
What will be an ideal response?
less than the natural rate of unemployment.
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When a shortage exists in a market, sellers
a. raise price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated. b. raise price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated. c. lower price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated. d. lower price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
Savings and taxes are considered leakages in the circular flow model.
Answer the following statement true (T) or false (F)
If a country has a comparative advantage in wine moved from autarky to free trade, this would cause what reaction in the world market?
A. Domestic wine consumers would be opposed. B. Domestic wine consumers would not be influenced. C. Foreign wine producers would be opposed. D. Domestic wine producers would be opposed.
Of the four groups listed below, the highest unemployment rate is typically experienced by:
A. females as a group. B. males as a group. C. teenagers. D. persons who completed 1-3 years of high school.