Minimum wage laws, labor unions, and efficiency wages all generate unemployment by what common mechanism?
Wages being above the equilibrium level.
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If a number greater than the mean (average) of a series of observations is added to the series, the new mean is:
A) greater than the original mean. B) smaller than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.
Excise taxes are distortionary taxes.
A. True B. False C. Uncertain
Other things constant, an increase in the real GDP of a country will: a. increase the price level
b. shift the demand for money curve rightward. c. shift the demand for money curve leftward. d. decrease the nominal interest rate. e. decrease the quantity of money demanded.
Label the graph above with respect to the three phases of the business cycle and the cycle turning points.
