If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?
a. The quantity of beef demanded will decrease.
b. The quantity of beef supplied will increase.
c. There will be a surplus of beef.
d. There will be a shortage of beef.
D
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People who are only working part-time, but want to be working full-time, are classified officially as
A) unemployed and out of the labor force. B) employed and out of the labor force. C) employed and in the labor force. D) unemployed and in the labor force.
In the long run, a country will experience an increasing standard of living only if it experiences
A) a high rate of consumption. B) a slow rate of population growth. C) continuous technological change. D) a high rate of labor force growth.
Refer to Table 20-1. The unemployment rate for this simple economy equals
A) (100/1,000 ) × 100. B) (100/15,000 ) × 100. C) (100/1,100 ) × 100. D) (100/20,000 ) × 100.
Ultimately, the source of growth in real wages is the growth in labor productivity
a. True b. False Indicate whether the statement is true or false