Which of the following statements is false?
A) Changes in technology can lead to changes in the ways in which people are employed.
B) Cultural differences may help to explain why some men have difficulty finding jobs in some sectors of the modern economy.
C) In recent years, the demand for workers in the manufacturing sector has grown dramatically compared to the demand for workers in the service sector.
D) Some people may be at a loss as to what skills are required of them in the current labor market.
C
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The minimum wage is a
A) factor that decreases unemployment because fewer people search for work if the minimum wage is increased. B) possible cause of job search because it lowers wages below their equilibrium. C) possible cause of job rationing because it raises wages above their equilibrium. D) possible cause of job rationing because it lowers wages below their equilibrium. E) government established highest wage that is legal to pay.
The advantage of an effective exchange rate is
A) it gives us an accurate gauge for the strengthening or weakening of a currency. B) it uses a weighted average of bilateral exchanges based on the country's trading partners. C) unreliable because its using different weights to reflect trade flows. D) A and B.
If the economy is currently operating below its institutional production possibilities frontier (institutional PPF), it is
A) in long-run equilibrium. B) in a recessionary gap. C) in an inflationary gap. D) definitely not self-regulating. E) b and d
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.