When an economy achieves full employment,
a. the unemployment rate will equal the natural rate of unemployment.
b. structural unemployment will be zero.
c. frictional unemployment will be zero.
d. the unemployment rate will be zero.
a. the unemployment rate will equal the natural rate of unemployment.
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The substitution effect of a wage increase is observed when
A) leisure's higher opportunity cost causes workers to take more leisure and work less. B) leisure's higher opportunity cost causes workers to take less leisure and work more. C) the higher wage income causes workers to take more leisure and work more. D) the higher wage income causes workers to take more leisure and work less.
The widespread, but not universal, consensus among economists would be to respond to
A) an adverse supply shock with an accommodating policy. B) an adverse supply shock with an extinguishing policy. C) an adverse demand shock with a policy to offset the shock. D) all of the above.
Increases in ________ typically lead to decreases in private saving
A) the interest rate B) disposable income C) autonomous consumption D) all of the above E) none of the above
There are stereotypes (myths) about home-based businesses. Which of the following statements is a stereotype?
a. Most home-based businesses are run by women such as child care centers b. Most home-based businesses are run by men on computers c. It is hard to have a home-based business, too many conflicts d. Most home-based businesses are financially stable, rewarding