The demand for labor is called a "derived demand" because it is:
A. derived from the demand for the products it is used to produce.
B. affected by the demand for consumer products workers produce.
C. affected by the price of consumer products workers produce.
D. All of these
Answer: D
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Suppose Canada has a population of 30 million people, and a labor force participation rate of 2/3. Furthermore, suppose the natural rate of unemployment in Canada is 7%. If the current number of unemployed people is 1 million people, what can we conclude about Canada's economy?
A. There is no frictional unemployment present in the economy. B. The unemployment rate is below the natural rate of unemployment. C. There is cyclical unemployment present in the economy. D. The unemployment rate is above the natural rate of unemployment.
According to the above table, at a price of $2 per unit, which of the following would exist?
A) a shortage of 800 units B) a surplus of 800 units C) a shortage of 200 units D) a shortage of 400 units
A car owner who has agreed to sell his old car to a buyer at a contracted price will be unable to accept the price offered by other prospective buyers due to the _____ constraint
a. financial b. informational c. societal d. contractual
Suppose the money market is in the liquidity trap and the Fed increases the supply of money. Individuals would rather hold __________ than __________ because they expect that bond prices can go no __________
A) bonds; money; higher B) bonds; money; lower C) money; bonds; higher D) money; bonds; lower