Job rationing occurs if
A) the Lucas wedge is positive.
B) the minimum wage is set below the equilibrium wage rate.
C) an efficiency wage is set below the equilibrium wage rate.
D) the real wage rate is pushed above the equilibrium wage rate.
E) a union wage is set below the equilibrium wage rate.
D
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The value of U.S. imports is ________.
A. added to exports when calculating GDP, because imports reflect spending by Americans B. subtracted from exports when calculating GDP, because imports do not constitute production in the United States C. subtracted from exports when calculating GDP, because imports do not constitute spending by Americans D. added when calculating GDP, because imports do not constitute production in the United States
In the United States, consumers usually pay ________ than the true cost of medical treatment because of ________
A) more; adverse selection B) less; rising insurance deductibles C) less; third-party payers D) more; rising insurance premiums
The graph above shows two production possibilities curves for a nation that produces two goods, Y and Z. PP1 and PP2 show the production possibilities for years 1 and 2. The nation's total production then decreased after year 2. This change could be represented by a move from:
A. F to B. B. E to D. C. A to E. D. F to A.
If American demand for purchases of British goods has decreased, how would you expect the equilibrium exchange rate in the market for dollars to respond? Support your answer graphically
What will be an ideal response?