In Figure 30.2, unemployed labor at the equilibrium wage is equal to
A. 28 workers.
B. 0 workers.
C. 10 workers.
D. 34 workers.
Answer: B
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An efficiency wage is ________ because the result is ________
A) set below the equilibrium real wage; reduced turnover and more work effort B) set above the equilibrium real wage; reduced turnover and more work effort C) not often used; not much different from minimum wage use D) set above the equilibrium real wage; increased turnover and more work effort E) set above the equilibrium real wage; reduced turnover and less work effort
An "unemployment spell" is a period during which:
A. an unemployed individual leaves the labor force and then returns. B. the unemployment rate exceeds 15 percent. C. an individual is continuously unemployed. D. the unemployment rate is less than 10 percent.
Profit-maximizing extraction companies will attempt to:
A. extract resources as quickly as possible. B. delay extraction as long as possible. C. find rates of extraction that maximize the flow of profits over time. D. extract resources at a constant rate every year to minimize price fluctuations.
Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What is the value of the average propensity to consume when real disposable income equals $1400?
A. 0.91 B. 0.7 C. 0.09 D. 1.1