The natural rate of unemployment is a measure of
a) human capital
b) long run equilibrium in the labor market
c) the rate at which natural resources are extracted and depleted
d) the size of the private sector relative to the public sector
e) the rate at which marginal returns to labor are diminishing according to the economy’s long run production function
b) long run equilibrium in the labor market
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Refer to the scenario above. If this game is repeated several times, the players will eventually reach an equilibrium where Beth will earn ________ and Charles will earn ________
A) $0; $10 B) $10; $10 C) $0; $50 D) $20; $20
Figure 6-2
In Figure 6-2, the price elasticity of demand (dropping all minus signs) is ____ between P = 4 and P = 6 than between P = 10 and P = 12 because between the lower set of prices the percentage change in price is ____.
A. smaller; smaller B. smaller; greater C. greater; smaller D. greater; greater
Which is true?
A. The federal personal income tax is a regressive tax. B. The poor are hurt more than the rich by progressive taxes. C. The most important source of federal tax revenue is the payroll tax. D. Until 1981 the maximum marginal tax rate on the federal income tax was 70 percent.
Bob's Barber Shop cut 3,000 heads of hair in 2014 and 3,100 in 2015. The price of a haircut was $7 in 2014 and $8 in 2015. If 2014 is the base year, what was Bob's contribution to real GDP in 2014?
A. $21,700 B. $24,000 C. $21,000 D. $24,800