Downward wage rigidity is likely to:
A) decrease unemployment. B) decrease wage rates.
C) increase wage rates. D) increase unemployment.
D
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If an economist is trying to figure out, in a certain situation, “What would happen if?”, then that economist is working in the area of
a. normative economics. b. positive economics. c. the theory of the firm. d. welfare economics.
Suppose the population falls by 1 percent. For the standard of living to rise
a. nominal GDP can fall by as much as 1 percent b. nominal GDP must grow by at least 1 percent c. real GDP must grow by at least 1 percent d. real GDP must fall by at least 1 percent e. nominal GDP must fall by more than 1 percent
Currently most developed countries meet or exceed the U.N.'s Millennium Aid Goal for donor country GDP.
Answer the following statement true (T) or false (F)
Refer to the graph shown. If hamburgers are produced by a pure monopoly that maximizes profit, the monopoly firm will:
A. earn $200 economic profit per day. B. earn $100 per day. C. go out of business. D. just cover its opportunity cost.