Unemployment means that
A. people are not willing to work at the going wage rate.
B. there is excess demand in the labor market.
C. there are some people who will not work at the going wage rate.
D. at the going wage rate, there are people who want to work but cannot find work.
Answer: D
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Comparable worth advocates have proposed that employers be required by law to pay wage rates equal to the value of the job. The most telling objection to this proposal is that
A) employers will probably resist strenuously and successfully. B) it is in the interest of employers to adjust their hiring so as to make the value of the job equal to the wage rate that must be paid. C) the government has no legal authority to set wage rates in the private sector. D) this would leave little or nothing for profits.
In the "non-market-clearing model" the level of final goods sales and unemployment during a recession are
A) the result of interactions between supply and demand. B) higher than would be the case in a market clearing model. C) caused by the rapid adjustment of prices and wages. D) the result of wage and price rigidities.
On the graph above, the constant value 1.43 is ________
A) the productivity of labor devoted to research and development B) the logarithmic scale C) the amplification effect of improving technology D) the initial level of technology
Firms tend to lower the price of their goods after acquiring a firm that sells a complementary good because
a. They gain market power b. There is an increase in the overall demand for their products c. The bundle has a more elastic demand than individual goods d. The bundle has a more inelastic demand than individual goods