In Table 10.1, what is the unemployment rate in Year 10?
A. .05 percent
B. 10 percent
C. 45 percent
D. 50 percent
B. 10 percent
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One result of the minimum wage is
A) a black market for labor that pays more than the minimum wage. B) a black market for labor that pays less than the minimum wage. C) decreased job search activity. D) a decrease in unemployment among poor and unskilled workers. E) an increase in employment among poor and unskilled workers.
Refer to Figure 11-12. The movement from isoquant T to isoquant U depicts
A) an increase in the cost of production. B) an increase in output. C) an increase in labor usage holding capital and output constant. D) a change in preferences with regards to input usage.
When the euro falls in value relative to other currencies, then
A) goods imported into Europe rise in price. B) European exports rise in price. C) neither European exports nor imports rise in price. D) both European exports and imports rise in price.
What is meant by the term "incentives," and why are they important?
What will be an ideal response?