If the wage is kept above the equilibrium wage for any reason, the result is structural unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the demand for hot dogs decreases. In the short run, firms that produce hot dogs will experience a fall in prices, which will induce them to
A) decrease production and reduce the number of workers. B) decrease production and increase the number of workers. C) increase production and reduce the number of workers. D) increase production and increase the number of workers.
The table above shows the PPF of an island community. Choose the best statement
A. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff. B. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient. C. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch. D. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.
Refer to Table 10-2. Using the table above, what is the approximate growth rate of real GDP from 2015 to 2016?
A) -2% B) -1% C) 1% D) 2%
Keynes suggested that poor people consume a higher percentage of their income than the rich
Indicate whether the statement is true or false