Employment does not fluctuate as much as output over the business cycle.
Answer the following statement true (T) or false (F)
True
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If the total wages paid change from $200,000 to $250,000 when the quantity of labor employed increases from five to seven workers, the marginal wage is
A. $50,000. B. $25,000. C. $250,000. D. $35,714.
Trade diversion is one reason that some economists:
a. believe we should not even other to promote free trade. b. recommend we change our focus from regional trade agreements to the WTO, a multilateral trade agreement. c. recommend we reinstate some tariffs that were actually beneficial to all nations. d. think we should exclude low-wage nations from trade agreements.
The idea that what's good for one person may not be good for all people is known as the
a. cause-effect fallacy.
b. fallacy of composition.
c. moral hazard problem.
d. disequilibrium position.
In Exhibit 16-5, a shift in aggregate demand from AD2 to AD3_____________.
Fill in the blank(s) with correct word