When there are more qualified applicants than job openings, this indicates that the
A. Available jobs must be very desirable and pay high wages.
B. Economy must be in a recession.
C. Wages being offered are too high.
D. Labor supply curve must be backward-bending.
Answer: C
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Featherbedding refers to union efforts to force employers to hire more workers than demanded at a particular wage
a. True b. False
The question of how people's behavior changes in response to taxes:
A. has been studied and is well known today. B. is the subject of much research. C. was generally accepted and has recently come under examination again. D. None of these statements is true.
An important reversal has created a new trend in economic inequality, which is that
a. wealth gaps between countries are now increasing. b. wealth gaps within states are now increasing. c. gaps in wealth are now smallest among the most populated nations. d. gaps in wealth are now no longer prominent or influential.
In the Keynesian transmission mechanism, if the money market is in the liquidity trap, an increase in the money supply will
A) cause total expenditures and aggregate demand to increase. B) cause total expenditures and aggregate demand to decrease. C) have no impact on total expenditures and aggregate demand. D) cause total expenditures to increase and aggregate demand to decrease. E) cause total expenditures to decrease and aggregate demand to increase.