Figure 10-7
At what output level would the actual rate of unemployment equal the economy's natural rate of unemployment in ?
a.
y1
b.
y2
c.
at any output greater than y2
d.
at any output less than y1
a
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Suppose bad weather in Florida unexpectedly results in a much smaller citrus crop than had been projected. This would tend to cause the labor demand curve for citrus pickers to shift to the
A) left, increasing wages. B) right, increasing wages. C) left, decreasing wages. D) right, decreasing wages.
In the figure above, when the market is in equilibrium, what is the total surplus?
A) $1,000 B) $800 C) $200 D) $1,600
Firms maintain their completive edge by
a. Providing a good at lower costs than their rivals b. Providing a superior product at the same cost as your rival c. Being innovative d. All the above
Which of the following can create demand-pull inflation?
A. Excessive aggregate spending. B. Sharply rising oil prices. C. Higher labor costs. D. Recessions and depressions.