Answer the following statements true (T) or false (F)
1. An increase in the number of inexperienced workers in the labor force is likely to increase the unemployment rate relative to the level of output.
2. The total labor force includes all persons in the non institutional population who are either working or seeking work.
3. Much of the unemployment associated with recessions is cyclical in nature.
4. Frictional unemployment is caused primarily by automation.
5. Underemployment includes employed workers not performing at full capacity.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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Why is it true that shortages usually occur mainly when price controls are in effect?
What will be an ideal response?
Refer to Figure 4-11. What is the value of consumer surplus after the imposition of the price floor?
A) $1,500 B) $2,700 C) 4,500 D) $5,700
If the quantity demanded of product S increases as the price of product T decreases, then S and T are complements
a. True b. False Indicate whether the statement is true or false
Mitch makes payments on a car loan. If the price level a year ago was 120 and people expected it to rise to 125 but it actually rose to 128, what happened to the real value of Mitch's payment as opposed to what he was expecting to happen? Express your answer to the nearest 100th