Answer the following questions true (T) or false (F)
1. The unemployment rate is higher with a minimum wage law than it would be without a minimum wage law.
2. Paying efficiency wages are a way for a company to cut costs and become more efficient, and are therefore lower than market wages.
3. The inflation rate measures the average prices of goods and services in the economy.
1. TRUE
2. FALSE
3. FALSE
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Suppose that last year the unemployment rate was 5 percent and the inflation rate was 2.5 percent. If the natural rate of unemployment is 5 percent, how do you expect inflation to change?
What will be an ideal response?
In the recession that started in 2008, the savings rate:
A. increased. B. decreased. C. stayed the same. D. became negative.
All of the following are limitations on the market power of a monopoly except
A. The ability of a company to control the quantity supplied. B. The demand curve. C. The inability of a firm to control demand. D. The elasticity of demand.
Refer to the tables below . For OMICS, the opportunity cost of producing an additional unit of B is:
Two nations, ECON and OMICS, each produce goods A and B. The table gives points on each nation's production possibilities curve.
A. 1/3 unit of A
B. 1/2 unit of A
C. 2/3 unit of A
D. 1 unit of A