What is meant by the natural rate of unemployment?
What will be an ideal response?
The natural rate of unemployment the rate of unemployment estimated to prevail in long-run macroeconomic equilibrium, when all workers and employers have fully adjusted to any changes in the economy.
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The demand curve in the figure above illustrates a product whose demand has a price elasticity of demand equal to
A) zero at all prices. B) infinity. C) one at all prices. D) a different amount at different prices.
For a firm in a perfectly competitive industry
A) the demand curve is unitary elastic throughout. B) marginal revenue and product price are equal at every level of output. C) the price elasticity of demand is zero. D) more output can be sold only if the firm unilaterally lowers its product price.
The downward-sloping supply curve and the upward-sloping demand curve intersects to yield the equilibrium nominal interest rate
Indicate whether the statement is true or false
The activity known as shirking is LEAST likely to occur when:
A. all workers are paid the same wage rate. B. firm ownership is separated from the managerial control. C. the earnings of a worker are closely tied to the worker's output. D. workers are not monitored.