Real-wage unemployment is:
A. a mismatch between the skills workers can offer and the skills that are in demand.
B. unemployment caused by workers who are changing their location, job, or career.
C. the effect of wages remaining persistently above the market-clearing level.
D. also called cyclical unemployment.
C. the effect of wages remaining persistently above the market-clearing level.
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Other things the same, when the interest rate rises,
a. people would want to lend more, making the supply of loanable funds increase. b. people would want to lend less, making the supply of loanable funds decrease. c. people would want to lend more, making the quantity of loanable funds supplied increase. d. people would want to lend less, making the quantity of loanable funds supplied decrease.
Money is not considered to be an economic resource because:
A. money is not a free gift of nature. B. the terms of trade can be determined in nonmonetary terms. C. idle money balances do not earn interest income. D. as such it is not productive.
In order to shift the vertical supply curve to the left, which of the following would have to occur?
a. increase in productivity b. breakdown of key market institutions c. expansion of potential GDP d. flexible wage and price adjustments
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P. If this economy is open to trade, and the world price of a car is $6,000, how many cars will be imported?
A. 3,000 B. 2,000 C. 4,000 D. 6,000