Which of the following can create demand-pull inflation?
a. Higher labor costs
b. Recessions and depressions
c. Sharply rising oil prices
d. Excessive aggregate spending
d
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Frictional unemployment is the result of
a. not enough jobs for everyone to be employed. b. unemployed workers' skills not matching those needed for the available jobs. c. a decline in the demand for labor, such as during a recession. d. imperfect information and temporary periods of unemployment while workers are changing jobs.
Assume, for Vietnam, that the domestic price of textiles without international trade is higher than the world price of textiles. This suggests that, in the production of textiles,
a. Vietnam has a comparative advantage over other countries and Vietnam will import textiles. b. Vietnam has a comparative advantage over other countries and Vietnam will export textiles. c. other countries have a comparative advantage over Vietnam and Vietnam will import textiles. d. other countries have a comparative advantage over Vietnam and Vietnam will export textiles.
Suppose the price of the product that labor is producing increases and simultaneously the price of capital, which is substitutable for labor, decreases. Assuming that the substitution effect is greater than the output effect, the demand for labor:
A. will increase. B. will decrease. C. may either increase or decrease. D. will not change.
Which of the following would increase the demand for union labor?
A) increasing worker productivity B) increasing the demand for union made goods C) decreasing the demand for non-union-manufactured goods D) all of the above