Over the last three decades in the United States, services have become a smaller fraction of GDP relative to goods
Indicate whether the statement is true or false
FALSE
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An increase in the unemployment rate from 15 percent to 20 percent might be illustrated as: a. a movement up and to the left from one point along the production possibilities curve to another. b. a movement from a point on the production possibilities curve to an interior point
c. a movement from an interior point to a point on the production possibilities curve. d. a movement from a point inside the production possibilities curve to one closer to the origin.
Which of the following is not a reason why the labor market experiences job turnover?
A. Workers differ in their abilities. B. Workers might want to change jobs after accumulating general training or education. C. Economic conditions can dictate that a firm reduce its number of workers. D. Firms differ in their amenities and working conditions. E. All of these are reasons why the labor market can experience job turnover.
Figure 5-12
In Figure 5-12, if a consumer equilibrium moves from B to A, this shows that
A. beer is an inferior good, but wine is a normal good. B. wine is an inferior good, but beer is a normal good. C. both beer and wine are normal goods. D. both beer and wine are inferior goods.
The Equal Pay Act of 1963 requires that men and women be given equal pay for equal work in the same establishment
Most people agree that gender discrimination in the workplace is unfair, but many economists have criticized advocates of comparable worth. Is paying the same wages for jobs that have comparable worth mandated by the Equal Pay Act? Why don't most economists support proposals to force employers to pay their male and female employees based on comparable worth rules?