The changing age structure of the US population and more efficient labor markets are both possible explanations for:
A. the stagnation of real wages.
B. the 2001 recession.
C. the decline in the natural rate of unemployment.
D. the increase in the cyclical rate of unemployment.
Answer: C
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Which of the following statements provides the best description of one reason why regulation of an industry might not increase economic efficiency?
a. There are more employees of regulated industries than affected customers. b. Insufficient regulator pay makes it difficult to hire effective regulators. c. The regulated industry has stronger incentives to be involved in the regulation process than the general publi c. d. Regulated industries have too much economic power and can litigate away most regulation.
If the supply of labor to a monopsonist is everywhere unit elastic, and the marginal expenditure equals $1, then the wage will equal
A) $0.50. B) $0.75. C) $1.00. D) $2.00.
The concentration ratio for an industry can be increased almost overnight by
a. collusion among the leading four firms b. the creation of a cartel c. a conglomerate merger d. a vertical merger e. a horizontal merger
Suppose we were analyzing the Turkish lira per euro foreign exchange market. If Turkey's central bank intervenes to reduce the value of the euro, then:
a. The supply of euros in the foreign exchange market rises, and Turkey's monetary base rises. b. The supply of euros in the foreign exchange market rises, and Turkey's monetary base falls. c. The demand for euros in the foreign exchange market rises, and Turkey's monetary base rises. d. The demand for euros in the foreign exchange market rises, and Turkey's monetary base falls. e. The demand for euros in the foreign exchange market rises, and Turkey's monetary base remains unchanged.