A one-dollar tax reduction has the same effect as a one-dollar increase in government purchases.
Answer the following statement true (T) or false (F)
False
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If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor and employers increasingly used efficiency wages, it would ___ unemployment and ____ the natural rate of unemployment: a. Increase; increase
b. Increase; not change. c. Not change, increase. d. Do none of the above.
According to the classical model, if there are too many elementary school teachers in the labor market,
a. the government should institute a retraining program to give the unemployed teachers new job skills b. the wages for elementary teachers will fall, eventually causing the number of excess teachers to shrink c. the wage for elementary teachers will increase for those who are employed, but unemployment of teachers will remain high d. this situation provides an example of cyclical unemployment, which often occurs in the long run e. people will quit training to become elementary school teachers and soon there will be a shortage in this labor market
The textbook says that which of the following is among the key forces shaping today's economy?
A. Accounting scandals B. Socialism C. Social networking D. The evolution of financial markets
Social Security and Medicare are examples of
A) capitalism. B) free market functions. C) market failures. D) governmental interventions.