Hospitals announce that there are not enough nurses available to keep them fully staffed. Economically speaking, what does this announcement mean?
A) The market wage for trained nurses is currently above the equilibrium wage.
B) There is currently a surplus of nurses in this market.
C) The market wage for nurses will eventually rise to the market clearing wage.
D) The market will adjust very rapidly to correct this imbalance because anyone can be a nurse without any training.
C
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Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is $2 million, government purchases are $10 million, and net export spending is $2 million. What is GDP?
A) $15 million B) $23 million C) $25 million D) $27 million
Assume that a comparable worth law is passed that determines that kindergarten teachers and bricklayers have comparable jobs; therefore, workers in both of these occupations should be paid the same wages
Assume that prior to the law, bricklayers were paid a higher wage than kindergarten teachers. Which of the following is the most likely result of the comparable worth law? A) There will be surplus in the market for bricklayers and a shortage in the market for kindergarten teachers. B) Some former bricklayers will become kindergarten teachers and some former kindergarten teachers will become bricklayers. C) The equilibrium wage will be the same for kindergarten teachers and bricklayers. D) There will be a shortage in the market for bricklayers and a surplus in the market for kindergarten teachers.
Accounting costs
A) are historical costs. B) are replacements costs. C) usually include implicit costs. D) usually include normal profits.
In order to maintain stable prices, a central bank must
a. maintain low interest rates. b. keep unemployment low. c. tightly control the money supply. d. sell indexed bonds.