Which of the following about unemployment is true?
a. The unemployment rates of the major European economies were substantially lower than in the United States during the last decade.
b. High unemployment rates over lengthy time periods are indicative of structural and regulatory factors that are exerting an adverse impact on the natural rate of unemployment.
c. The natural rate of unemployment is unaffected by changes in the age composition of the labor force (for example, an increase in the relative number of youthful workers).
d. Institutional changes such as an increase in the minimum wage may increase cyclical unemployment but will not affect the natural rate of unemployment.
B
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If a firm hires its fourth worker for $5 and its fifth worker for $8, then
a. the firm is a monopolist. b. the firm must be substituting capital for labor. c. the fifth worker must have been less productive than the fourth. d. the firm is not maximizing its profit. e. the labor market is not perfectly competitive.
According to your textbook discussion, what best explains the decline in the importance and use of flint?
a. the decline in tobacco consumption b. the adoption of new technologies c. the discovery of new copper resources d. the widespread use of matches e. the discovery of abundant oil resources
The cost disease of personal services causes
a. the cost of health care to rise faster than the economy's rate of inflation. b. legislators to blame declining standards of quality at public hospitals on greedy doctors or administrators. c. legislators to propose price controls on insurance. d. All of the above are correct.
The passage of new legislation requiring more extensive government regulation of business will most likely:
A. decrease aggregate demand. B. decrease aggregate supply. C. increase aggregate supply. D. increase aggregate demand.