Compared to high school graduates, what is likely to happen to employment and wages for college graduates during a recession?
What will be an ideal response?
In economic recessions when unemployment in the economy rises, college graduates are less likely to lose their jobs and are likely to experience smaller declines in wages than are high school graduates.
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Refer to Figure 2.1. At point C, demand is:
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
A farm can produce 10,000 bushels of wheat per year with 5 workers and 13,000 bushels with 6 workers. The marginal product of the sixth worker for this farm is:
a. 10,000 bushels. b. 3,000 bushels. c. 500 bushels. d. 23,000 bushels.
Which of the following is a reason that banks are so heavily regulated?
A. Governments are concerned about the safety of deposits. B. The industry is a principal determinant of aggregate demand. C. Bank failures are contagious. D. All of these responses are correct.
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline