Frictional unemployment
a. would be eliminated if the economy were more stable.
b. would be eliminated if the minimum wage were raised.
c. is the result of workers' skills not matching the jobs available.
d. is present even when labor markets are working well.
D
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If price is initially above the equilibrium level
A) the supply curve will shift rightward. B) the supply curve will shift leftward. C) excess supply exists. D) all firms can sell as much as they want.
Under a consumption-based theory of the pricing of risky assets, uncertain returns on such an asset should be discounted by a "stochastic discount factor" that takes into account: a. the mean and standard deviation of the uncertain return
b. whether the uncertain return has a normal distribution. c. both the nominal and real interest rates. d. the rate of time preference and present and future marginal utility of wealth.
All else equal, if the interest rate is 5%, what is the PDV of a lottery prize that pays $1,000,000 today and $1,000,000 each year for the next 19 years?
A. $10,500,000 B. $12,462,210 C. $13,085,321 D. $20,000,000
In early 1996, Congress proposed an agriculture bill that would gradually reduce price supports for many agricultural products. If the bill were to be approved, what would most likely happen to the number of families employed in agriculture?
a. It would decrease, because agricultural prices would fall. b. It would decrease, because agricultural prices would rise. c. It would increase, because agricultural prices would fall. d. It would increase, because agricultural prices would rise.