In Table 10.1, what is the unemployment rate in Year 1?
A. 50 percent
B. 41.7 percent
C. 16.7 percent
D. 8.3 percent
C. 16.7 percent
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Which of the following could shift the Production Possibilities Frontier for the production of automobiles?
a. Newer technology allows the cars to be made more quickly. b. More laborers are trained in the computerized technology used by the automobile manufacturers. c. Laws are passed allowing automobile manufacturers to lower their tax rates by hiring more laborers. d. All of the above could shift the Production Possibilities Frontier of automobiles.
If the price level rises by 2 percent and workers' money wages increase by 2 percent, then the
A) quantity of labor supply decreases. B) quantity of labor supply increases. C) quantity of labor supplied does not change because there is no change in the real wage rate. D) More information about the dollar change in the price level and money wage rate are needed to answer the question.
In the short run, the perfectly competitive market supply curve
a. is indeterminate b. shows the total quantities of resources used by all firms in that market, given the market price of resources c. is the same as the individual supply curve of the dominant firm d. shows the sum of the quantities of output supplied by all firms in the market at each price e. is irrelevant to potential entrants
__________ would cause a rightward shift of the aggregate demand curve.
a. A decrease in the expected price level b. A decrease in foreign income c. An increase in expected income d. A decrease in real wealth e. An increase in the value of the dollar