As the result of an increase in the price of capital, the demand for labor would ________, the supply of labor would ________, and the quantity of labor hired would ________
A) decrease; remain the same; decrease B) decrease; decrease; decrease
C) decrease; increase; remain the same D) increase; remain the same; decrease
A
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To operate efficiently, an economy generally "needs" ________ unemployment
A) structural B) cyclical C) seasonal D) frictional
Which of the following could not contribute to differences in wage rates across markets?
a. differences in training and education requirements b. job discrimination c. differences in risk d. problems of labor mobility e. distribution of a new national help-wanted newspaper
Along a supply curve: a. supply changes as price changes
b. quantity supplied changes as price changes. c. supply changes as technology changes. d. quantity supplied changes as technology changes.
Actual GDP will be below potential GDP:
A. when the economy is at full employment. B. during an economic boom. C. when resources are fully utilized. D. during a recession.