Geographic immobility in the labor force results in:
A. Homogeneous wage rates
B. Homogeneous unemployment rates
C. Local labor markets which reach equilibrium quickly and efficiently
D. Persistent wage and unemployment differentials in different regions of the country
D. Persistent wage and unemployment differentials in different regions of the country
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Refer to Figure 3-4. If the price is $10
A) there would be a surplus of 600 units. B) there would be a surplus of 200 units. C) there would be a shortage of 200 units. D) there would be a shortage of 600 units.
Many economists agree that government rate setting for monopolies ______.
a. removes the influence of special interest groups b. can become very political c. is an objective approach d. maximizes incentive for the firms
For any given growth rate of aggregate supply, a faster growth rate of aggregate demand will lead to more inflation and faster growth of real output.
Answer the following statement true (T) or false (F)
A country's production possibilities boundary shows that
A) when a society combines its resources inefficiently, it cannot produce more of one good without producing less of the other good. B) the supply for goods always exceeds the demand. C) all points inside the boundary are preferred to all points on the boundary. D) when a society combines its resources efficiently, it is always possible to produce more of all goods. E) when a society combines its resources efficiently, it cannot produce more of one good without producing less of the other good.