Earnings differentials cannot be explained at all by differences in productivity
a. True
b. False
Indicate whether the statement is true or false
False
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According to classical economists, the increase in unemployment in recessions is caused by
A) slack aggregate demand. B) the failure of wages to adjust to restore equilibrium in the labor market. C) the power of labor unions, which prevent firms from cutting wages. D) a mismatch of workers and jobs.
The quantity equation makes the demand for money depend on
A) the unemployment rate and the level of interest rates. B) the inflation rate and the unemployment rate. C) interest rates and the unemployment rate. D) None of these.
The Federal Reserve System has 12:
A. regional banks. B. members on its Board of Governors. C. member banks. D. basic functions.
The point where the supply curve and the demand curve cross is called the equilibrium.
Select whether the statement is true or false. A. True B. False