The employment ratio is the ________
A) labor force divided by the population
B) proportion of the civilian working-age population that is employed
C) number of individuals employed divided by the size of the labor force
D) number of individuals employed divided by the number of the unemployed
B
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Workers and firms both expect that prices will be 3% higher next year than they are this year. As a result,
A) the short-run aggregate supply curve will shift to the left as wages increase. B) the purchasing power of wages will rise if wages increase by 3%. C) workers will be willing to take lower wages next year. D) aggregate demand will increase by 3%.
If the firm were a perfect competitor in the long run, what price would it charge?
There would be no inflationary gap or recessionary gap if _______ were equal to ______.
Fill in the blank(s) with the appropriate word(s).
Goods X and Y are complementary goods. A decrease in price of good X has occurred. In the market for good Y, this will lead to
A. an increase in price and a decrease in quantity. B. an increase in price and an increase in quantity. C. a decrease in price and a decrease in quantity. D. a decrease in price and an increase in quantity.