The reduction of structural unemployment in the United States' economy may require
a. an increase in the minimum wage.
b. a reduction in government spending.
c. an decrease in interest rates.
d. increased spending on worker retraining.
D
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Consider a fall in the wage rate. How does the substitution effect change the amount of labor that a firm hires? How does the scale effect change the amount of labor that a firm hires? What do these effects imply about the firm's long-run demand for labor?
What will be an ideal response?
When the Fed makes open-market purchases bank
a. withdrawals and lending increase. b. withdrawals increase and lending decreases. c. deposits and lending increase. d. deposits increase and lending decreases.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and Px = $5, Py = $10, X = 20, and M = 500?
A. 25 B. 40 C. 50 D. 75
Theoretically, what is the highest possible Herfindahl Index?
A. 100 B. 1,000 C. 10,000 D. 100,000