Which of the following is not an accurate description of the point at which the labor supply and labor demand curves meet?
a. The point at which the market for labor has cleared
b. The real wage at which the quantity of labor demanded is equal to the quantity of labor supplied
c. The point at which there is no frictional unemployment
d. The point at which there is no unemployment
e. The wage at which the number of workers firms want to hire is equal to the number of people who want jobs
C
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If autonomous imports increase, then the aggregate expenditure curve shifts ________ and equilibrium real GDP ________
A) upward; increases B) downward; does not change C) downward; increases D) upward; decreases E) downward; decreases
Amelia knows that she has about $105 in her bank account. She knows she earned an interest rate of 4 percent, but she doesn't remember how much she opened the account with a year ago. How much did she put in?
a. $98.18 b. $100.96 c. $102.04 d. $103.24
Assuming a multiplier effect, but no crowding-out or investment-accelerator effects, a $100 billion increase in government expenditures shifts aggregate
a. demand rightward by more than $100 billion. b. demand rightward by less than $100 billion. c. supply leftward by more than $100 billion. d. supply leftward by less than $100 billion.
In economic terms, what is the main reason why the standard of living is higher today than it was 100 years ago?
a. Governments have learned how to control the economy. b. A smaller number of people are living paycheck to paycheck. c. Sustained economic growth leads to higher living standards. d. In general, people are living longer, healthier, and happier lives.