When people are standing in line for jobs and there are more applicants than jobs, then the labor market is characterized by a
A. Shortage of jobs from the point of view of the buyer in the labor market.
B. Surplus of labor.
C. Surplus of jobs from the point of view of the seller in the labor market.
D. Shortage of labor.
Answer: B
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A) short-term; sticky B) short-term; flexible C) long-term; flexible D) long-term; sticky
If the money supply is $2 trillion and velocity is 5, then nominal GDP is
A) $1 trillion. B) $2 trillion. C) $5 trillion. D) $10 trillion.
According to the quantity theory of money, an increase in the stock of precious metals or bills of exchange usually results in increased trade and rising prices. Both economic events helped merchant capitalists and the king
Indicate whether the statement is true or false
When a tax is progressive, the average tax rate:
A. is constant with income. B. increases with income. C. decreases with income. D. first increases with income, then decreases with income.