Full employment to the classical school means that all workers
a. in the labor market are employed
b. at any given wage rate are or will be employed
c. who work at the equilibrium wage rate would not have been willing to work for less or more
d. who are willing to work at the equilibrium wage rate are employed
e. who are in the labor force are employed all the time
D
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Three variables are related and two of them are plotted in a figure. If the variable that is not measured on either the x-axis or the y-axis changes, then there is
A) a movement along the drawn curve. B) no impact on the curve because the variable is not measured on either of the axes. C) a shift in the curve. D) either a shift in the curve or a movement along the curve, but more information is needed to determine which. E) None of the above answers is correct.
Rational ignorance suggests that voters will
A) be ignorant about all issues. B) be ignorant about issues that are of no special interest to them. C) pursue information on all issues before voting. D) avoid voting if they have no information.
In a market economy, differences in incomes will
a. reflect the relative scarcity of resources. b. provide individuals with an incentive to supply resources that are valued by others. c. determine the income distribution among market participants. d. do all of the above.