The simple circular flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
a. Employment agencies
b. Product markets
c. Resource markets
d. Business firms
c. Resource markets
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An advertisement campaign that successfully convinces consumers to buy union-made products has the direct effect of shifting the
A) demand curve for union labor rightward. B) demand curve for union labor leftward. C) supply curve of union labor rightward. D) supply curve of union labor leftward.
When the amount supplied is greater at each price, there is a(n)
A) rightward shift in the supply curve. B) leftward shift in the supply curve. C) upward movement along the supply curve. D) downward movement along the supply curve.
An overall decline in communication and transportation costs have facilitated global interactions in the twentieth and the twenty first century
a. True b. False Indicate whether the statement is true or false
Structural unemployment results when:
A. the minimum wage is set to increase in the near future. B. there is generous unemployment insurance. C. workers are temporarily laid off due to weather conditions. D. the real wage is above its market-clearing level.