When a country keeps its workers as fully employed as possible, it achieves a higher level of GDP than if many of its workers were idle
a. True
b. False
Indicate whether the statement is true or false
True
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In the DMP model, an increase in the unemployment insurance benefit does not, under any circumstances
A) increase the vacancy rate. B) increase the unemployment rate. C) reduce labor market tightness. D) reduce the size of the labor force.
New Keynesians argue that
A. appropriate activist policies will increase the length of cyclical fluctuations. B. appropriate activist policies will have an known effect on the length of cyclical fluctuations. C. appropriate activist policies can reduce cyclical fluctuations. D. none of these.
At each point of tangency for isoquants and isocost lines, the slope of the isoquant must be ________ the slope of the isocost line.
A. the reciprocal of B. greater than C. less than D. equal to
In the long run, a monopoly
A. will yield an efficient outcome. B. may earn positive economic profits due to entry barriers. C. will always earn zero economic profits. D. will never exit the industry.