Efficiency wages contribute to
a. frictional unemployment and the natural rate of unemployment.
b. frictional unemployment but not the natural rate of unemployment.
c. structural unemployment and the natural rate of unemployment.
d. structural unemployment but not the natural rate of unemployment.
c
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The objective of risk management is to
a. determine the level of risk that is “acceptable” to society b. evaluate and select the best policy approach to achieve the “acceptable” level of risk c. evaluate and select the policy initiative to achieve any level of risk d. (a) and (b) only e. (a) and (c) only
In real-world markets
a. economic efficiency is rare because making voluntary transactions is difficult b. economic efficiency is rare because Pareto improvements are difficult to make c. economic efficiency is best thought of as a continuum d. perfect competition is an impediment to economic efficiency e. every possible Pareto improvement is exploited
As the aggregate demand curve shifts leftward along a given aggregate supply curve,
a. unemployment and inflation are higher. b. unemployment and inflation are lower. c. unemployment is higher and inflation is lower. d. unemployment is lower and inflation is higher.
Economists deduce the value people place on their own lives by looking at what people will pay to reduce the probability of death.
Answer the following statement true (T) or false (F)