Sally lost her job when her company went out of business because of a recession. This is an example of
cyclical unemployment
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Which of the following does not affect the wages a worker earns?
a. natural ability b. effort c. chance d. All of the above affect the wages a worker earns.
When movie ticket prices increase, families tend to spend less time watching movies and more time at home watching videos instead. This best reflects:
A) diminishing marginal utility B) the income effect C) the rationing function of markets D) the substitution effect.
Technological change can increase the demand for loanable funds because it
A) decreases the need for additional equipment. B) increases people's expected future disposable income. C) lowers the interest rate. D) has little effect on production cost. E) can increase the expected profit.
Medicare subsides will cause people to
A) consume less medical services than in the absence of the subsidies. B) consume more medical services than in the absence of the subsidies. C) consume the same amount medical services as they would if there were no subsidies. D) be sicker because of inferior care.