When quantity supplied is greater than quantity demanded, there is a ____________.
Fill in the blank(s) with the appropriate word(s).
surplus
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The minimum wage is a
A) factor that decreases unemployment because fewer people search for work if the minimum wage is increased. B) possible cause of job search because it lowers wages below their equilibrium. C) possible cause of job rationing because it raises wages above their equilibrium. D) possible cause of job rationing because it lowers wages below their equilibrium. E) government established highest wage that is legal to pay.
Explain how some structural changes can increase the natural unemployment rate while other structural changes can decrease the natural unemployment rate
What will be an ideal response?
What can be concluded from Milton Friedman and Edmund Phelps' expectations-augmented Phillips curve?
A) that there is no long run tradeoff between unemployment and inflation B) that there is a short run tradeoff between unemployment and inflation C) that there are two types of Phillips curves D) all of the above E) none of the above
Other things remaining the same, a decrease in inflationary expectations causes the velocity of money to:
a. Rise. b. Fall. c. Not change.