If you were president of the United States, what would you do to reduce the natural rate of unemployment? Propose at least three different methods
What will be an ideal response?
Provide support for job training and worker relocation; increase labor-market flexibility by reducing the minimum wage; reform the unemployment insurance system; run a high-pressure economy (if there is hysteresis).
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One argument offered by economists for having a Social Security system is that if there were no Social Security, workers might
A. save too much. B. work too long. C. overestimate the value of retirement. D. decide to use welfare as a retirement income, pushing the costs off onto others.
Canada has a single-payer health care system in which the government provides national health insurance to all Canadian residents
Indicate whether the statement is true or false
What makes production-planning a daunting task for central planners?
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers was $10, then:
A. only House Depot would gain surplus by supplying hammers to the market. B. House Depot, Lace Hardware, and Bob's Hardware would all supply hammers to the market, but Bob's would lose surplus. C. only House Depot and Lace Hardware would gain surplus by supplying hammers to the market. D. only House Depot and Bob's Hardware would supply hammers to the market.