Which of the following about unemployment is true?
a. The unemployment rates of the major European economies have been lower than the United States during the last decade.
b. The natural rate of unemployment is unaffected by labor market regulations and other dimensions of public policy.
c. High unemployment rates over lengthy time periods are indicative of structural factors that are adversely affecting the natural rate of unemployment.
d. The unemployment rates of Spain and Italy were among the lowest in the world during the past two decades.
C
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The real wage will rise if the nominal wage
A. increases more rapidly than the prices of the goods and services it buys. B. falls at the same rate as the general price level. C. falls more rapidly than the prices of the goods and services it buys. D. increases at the same rate as labor productivity.
An increase in bond prices will most likely result in
A) a decrease in the quantity demanded of money. B) an increase in the quantity demanded of money. C) an increase in the opportunity cost of holding money. D) an increase in interest rates.
Debt service
A) is rarely an issue for high-income countries. B) always makes a country worse off for having borrowed. C) is a problem when the amount of debt is small relative to the size of the economy. D) tends to benefit low- and middle-income countries at the expense of high-income countries.
Samantha is given a flu shot by her doctor. This reduces the probability that she will get the flu and it also reduces the probability that others will get the flu, too. The latter is an example of a
A. negative externality. B. positive externality. C. substitute good. D. complementary good.