Suppose a report on the internet indicates that job prospects for graduates are bright because full employment is achieved automatically. Economists are likely to
a. be disappointed in the degree of economic understanding possessed by the author of the report
b. be excited about the earning potential of new entrants into the labor market
c. be anxious about inflationary indicators
d. anticipate a recession
e. encourage a tax cut to stimulate the economy
A
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When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect
A) substitute; complement B) substitution; income C) normal; inferior D) supply; demand
The IS curve becomes steeper if there is __________ in the interest-sensitivity of __________ demand
A) an increase; money B) an increase; investment C) a decrease; money D) a decrease; investment
The rate a bank pays for deposit insurance should be independent of the investments undertaken by the bank with depositors' funds
Indicate whether the statement is true or false
If you get a job and are never required to join the union, this is known as a(n)
A) closed shop. B) open shop. C) agency shop. D) union shop.