________ of unemployment during ________ make it easier for workers to ________ wages
A) High levels; a recession; negotiate higher
B) Low levels; an expansion; negotiate higher
C) Low levels; a recession; accept lower
D) High levels; an expansion; accept lower
Answer: B
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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.
A tax on a product causes a deadweight loss because: a. some consumer surplus is transferred from buyers to producers
b. some producer surplus is transferred from producers to consumers. c. some consumer and producer surplus is transferred to the government. d. it distorts the incentives of producers and consumers so that the efficient level of output is not produced.
Suppose a bank in Germany borrows $2 million U.S at an interest rate of 5%. The bank then converts the amount into euros, the local currency, at a rate of 2 euros per dollar. It lends the €4 million at an interest rate of 15% to other firms. After one year, the loan is repaid with interest, and the bank receives €4.6 million. The bank now wants to pay back the debt. If the current exchange
rate is 3 euros per dollar, the bank will: a. face a loss of $570,000 approximately. b. face a loss of $470,000 approximately. c. make a profit of $500,000 approximately. d. make a profit of $320,000 approximately.
Exhibit 4-10 Supply and demand data for apricots Bushels demandedper month Price perbushel Bushels suppliedper month 50 $5 80 55 4 75 60 3 70 65 2 65 70 1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4-10?
A. There would be a shortage of apricots. B. Buyers would not want to purchase all of the apricots that are supplied. C. There would be a surplus of apricots. D. Farmers would reduce the number of acres allocated to the growing of apricots.