Country X has a high unemployment rate. It follows that country X is operating
A) beyond its production possibilities frontier (PPF).
B) on its PPF.
C) inside (below) its PPF.
D) at a productive efficient point.
E) b and d
C
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The smaller the extent of job rationing, the
A) higher the labor supply. B) lower the labor force participation rate. C) lower potential GDP. D) higher the real wage rate. E) lower the unemployment rate.
In the fooling model, suppose that from an initial AD/SAS/LAS equilibrium a sudden expansion of aggregate demand occurs. With fooling, we would find employment and the actual real wage in the labor market diagram by moving
A) "northeast" along the labor supply curve. B) "northwest" along the labor demand curve. C) "southeast" along the labor demand curve. D) "southwest" along the labor supply curve.
Explain the difference between equality of opportunity and equality of results. Draw an analogy to a football game
What will be an ideal response?
Which of the following statements about natural monopolies is true?
A) Natural monopolies are only found in the markets for natural resources (like crude oil and coal). B) For natural monopolies, marginal cost is always below average cost. C) For natural monopolies, average cost is always increasing. D) Natural monopolies cannot be regulated.