The natural unemployment rate is the result of
A) job search and job rationing.
B) insufficient demand for labor.
C) the Lucas Wedge.
D) the Okun Ga
A
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Many detrimental externalities occur because
a. persons do not pay the full social cost of using a resource. b. persons do not pay the full private cost of using a resource. c. companies do not pay the market price for natural resources. d. companies pay more than the full social cost of using a resource.
Which of the following is an example of a payroll tax?
a. a tax on the wages that a firm pays its workers b. a "sin" tax on distilled alcohol c. a tax on corporate profits d. the portion of federal income taxes earmarked to pay for national defense
The more the current price exceeds the equilibrium price, the:
A. smaller the resulting shortage will be. B. smaller the resulting surplus will be. C. greater the resulting surplus will be. D. greater the resulting shortage will be.
Normative economics ________ and positive economics ________.
A. involves judgments; also involves judgments B. does not involve judgments; involves judgments C. does not involve judgments; also does not involve judgments D. involves judgments; does not involve judgments