Unemployment typically ________ during a recession.
A. remains constant
B. only exist
C. rises
D. falls
Answer: C
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Payments to the owners of firms are included in aggregate accounting as:
A. interest. B. rents. C. profits. D. employee compensation.
Wage and MFC differ for a monopsonist because:
A. the monopsonist is forced to pay a wage greater than the worker's MFC. B. the monopsonist must accept the market wage rate. C. workers are not as efficient when employed by a monopsonist. D. any wage increase applies to all workers, not just to the next hired.
Discouraged workers are officially
A. unemployed. B. employed. C. not in the labor force. D. in the labor force.