Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A.
B. A to C.
C. C to D.
D. B to D.
Answer: B
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Refer to the scenario above. The opportunity cost of producing good Y equals:
A) gain in Good Y / gain in Good X. B) loss in Good X / gain in Good Y. C) loss in Good X / loss in Good Y. D) gain in Good X / gain in Good Y.
Suppose the marginal product of labor in the economy is given by MPN = 200 - 0.5 N, while the supply of labor is 100 + 4w
(a) Find the market-clearing real wage rate. (b) What happens if the government imposes a minimum wage of 40? Is there involuntary unemployment? (c) What happens if the government imposes a minimum wage of 60? Is there involuntary unemployment?
If the quantity of a good supplied is highly sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. supply curve that is relatively steep (more vertical).
Expansionary fiscal policy leads to higher domestic interest rates.
Answer the following statement true (T) or false (F)