All else equal, which of the following would increase the unemployment rate? (i) an increase in the number of women who return to work after being stay-at-home mothers (ii) a preference among older men to retire early (iii) an increase in the maximum number of weeks for which someone can receive government unemployment benefits (iv) an increase in the number of previously unemployed women who
stop looking for work and become discouraged workers
a. (i) and (ii) only
b. (iii) only
c. (ii) and (iii) only
d. (ii), (iii), and (iv) only
c
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The reduction in transactions costs brought about by financial intermediaries benefits
A) small savers, but not small borrowers. B) small borrowers, but not small savers. C) both small savers and small borrowers. D) society through greater economic efficiency; small savers and borrowers do not gain directly.
Goods and services are scarce because
a. people are greedy b. they are produced using scarce resources c. firms keep production low in order to earn higher profits d. they are produced by firms that seeks profits e. government wants to maintain its power over the economy
The cheap foreign labor argument is a poor reason for restricting international trade because
a. the labor productivity of workers who are paid less is lower than the labor productivity of those who are paid more b. all firms and workers gain when there are no restrictions on international trade c. infant industries such as steel and automobiles need to be protected d. specialization and free trade usually raise the prices of all traded goods, so that the workers are paid more e. long run labor costs tend to be the same worldwide because of workers' mobility
The law of supply is illustrated by a supply curve that is:
a. Vertical b. Downward sloping c. Upward sloping d. Horizontal