If a worker was miscategorized as structurally unemployed when he was really frictionally unemployed, that would not change the natural rate of unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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In Figure 5.1, the marginal utility of income is
A) increasing as income increases. B) constant for all levels of income. C) diminishes as income increases. D) None of the above is necessarily correct.
If an individual's labor supply curve is backward bending, then
A) the income effect associated with a higher wage is greater than the substitution effect. B) the substitution effect associated with a higher wage is greater than the income effect. C) the substitution effect associated with a higher wage encourages more leisure. D) A and C E) B and C
When supply is perfectly elastic, the value of the price elasticity of supply is
a. 0. b. 1. c. greater than 0 and less than 1. d. infinity.
If resources are being used inefficiently, where will the economy be in terms of the PPF diagram