In 2009 the average unemployment rate in U.S. averaged
a. 4.6 percent.
b. 5.4 percent.
c. 7.2 percent.
d. 9.3 percent.
d
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If the minimum wage is set at a level below the equilibrium wage it:
A. will have a large effect. B. would be a nonbinding minimum wage. C. would interfere with the market reaching equilibrium. D. will probably affect government jobs more than any other job market.
During the 1980s and 1990s, the percentage of GDP spent on government spending was lowest in which of the following economies?
a. Japan b. Italy c. France d. United Kingdom e. United States
When deciding whether to engage in an activity or how much to do, people should follow:
A. the principle of microeconomics. B. the principle of macroeconomics. C. the marginal principle. D. the law of supply and demand.
Based on the work of economist A.W. Phillips, economists concluded that
A) there is no trade-off between inflation and unemployment. B) high inflation rates are associated with low unemployment rates. C) unemployment can be effectively combated by raising wages. D) higher rates of inflation are associated with higher rates of unemployment.