The main argument in favor of the existence of a natural rate of unemployment in the long run focuses on what argument?
A. Wages will always adjust to make the long-run unemployment rate zero percent.
B. The government cannot affect inflation in the long run.
C. Workers refuse to be unemployed in the long run.
D. Workers will adjust their inflationary expectations in the long run so that unemployment is unrelated to inflation.
E. Firms need to be at full employment in the long run.
Answer: D
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Total income
A) excludes profits. B) includes only wages and interest payments. C) is the yearly amount earned by owners of the nation's resources. D) includes only wages received by workers.
Under imperfect competition, a firm's:
a. demand curve lies below its marginal revenue curve. b. demand curve lies above its marginal revenue curve. c. demand curve coincides with its marginal revenue curve. d. demand curve coincides with its marginal cost curve. e. demand curve coincides with its average cost curve.
Laws that prohibit collective bargaining agreements requiring a worker to join a union as a condition of employment are called
a. collective bargaining agreements. b. minimum wage laws. c. union shop laws. d. right-to-work laws.
The United States is considered by the Institute for Management Development to be the most competitive economy because
A) U.S. residents are willing to work harder than anyone else is. B) of widespread entrepreneurship. C) of a high saving rate. D) of selected restrictions on imports from Japan and Europe.