The long-term rate of unemployment, determined by structural forces in labor and product markets, defines the
A. Natural rate of unemployment.
B. Cyclical rate of unemployment.
C. Frictional rate of unemployment.
D. Seasonal rate of unemployment.
Answer: A
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If there is a monopsony operating in the labor market illustrated in the figure above and the federal government decides to institute a minimum wage of $8 an hour then the wage paid will ________ and the quantity of labor hired will ________
A) increase; decrease B) increase; increase C) decrease; increase D) decrease; decrease
The Federal Reserve Board of Governors
A. will lower the discount rate to restrict monetary growth. B. are appointed by the president for seven-year terms. C. is basically independent. D. serve at the pleasure of the president, who can force their resignations at any time.
Figure 32-3
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If budget deficits shift the money demand curve as is illustrated in Figure 32-3, which component of total expenditures will be affected the most?
A. Consumption spending B. Government spending C. Private investment spending D. Net exports
How are the fundamental economic decisions determined in Cuba?
A) Individuals, firms, and the government interact in a market to make these economic decisions. B) These decisions are made by the country's elders who have had much experience in answering these questions. C) The government decides because Cuba is a centrally planned economy. D) The United Nations decides because Cuba is a developing economy.