The firm's demand curve for labor is exactly the same as its
a. wage rate
b. price of the good
c. MRP curve
d. MPP curve
e. supply curve of labor
C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Suppose the working-age population is 150 million, the labor force is 125 million, and employment is 120 million
a. What is the unemployment rate? b. Now suppose that 2 million students graduate from college and begin to look for jobs. What is the new unemployment rate if none of the students have found jobs yet? c. Suppose that all 2 million students find jobs. What is the unemployment rate now?
Which of the following would be most likely to cause an increase in the wage rate for a particular job?
a. A decrease in the danger of this job. b. An increase in the number of workers with the skills for this job. c. An increase in the danger of this job. d. An improvement in the working conditions associated with this job. e. A decrease in the amount of training needed to perform this job
Suppose the price elasticity of demand for oil is 0.1. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by.
A) 200 percent B) 20 percent C) 2 percent D) 0.2 percent.