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Question
When the labor market is in equilibrium,A) there is excess labor supplied, which keeps real GDP less than potential GDP.
B) there is full employment, which means that real GDP equals potential GDP.
C) the real wage rate falls to equal the nominal wage rate because real GDP is greater than potential GDP.
D) the real wage rate rises to allow real GDP to equal potential GDP.
E) there is full employment but real GDP might be greater than, less than, or equal to potential GDP.
Answer
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Related questions
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Scarcity results from the fact that
A) people's wants exceed the resources available to satisfy them.
B) not all goals are desirable.
C) we cannot answer the major economic questions.
D) choices made in self-interest are not always in the social interest.
E) the population keeps growing.
Q:
Why does scarcity lead to the what, how, and for whom questions?
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A) answering the "how" question.
B) the social interest.
C) self-interest.
D) incentives.
E) answering the "for whom" question.
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A) What type of health care will be produced and in what quantity?
B) How will health care be produced?
C) For whom will health care be produced?
D) Why will we offer health care?
E) Must we offer health care?
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Q:
When unskilled teens earn less than college graduates, society answers the ________ question.
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When the federal government decides to pay senators more than it pays soldiers, it answers the ________ question.
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Q:
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C) where
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B) why
C) for whom
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Which of the following scenarios describes an action that is NOT rational from an economic point of view?
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B) Eric buys a replacement ticket to the basketball game after he realizes that he accidentally left his original ticket at home.
C) Emily chooses to attend a social event on Tuesday night instead of studying even though she has an important exam on Wednesday morning.
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Q:
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B) How?
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Q:
Which of the following is a topic studied in macroeconomics?
A) the pricing decisions in the computer hardware industry
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Q:
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A) It analyzes the aggregate effects on the national economy of the choices made by individuals, firms, and governments.
B) It studies the choices that individuals and businesses make when coping with scarcity.
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Q:
Which of the following is a microeconomic topic?
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ii. Home Depot's choice to hire more full-time employees because its sales increased
iii. Delta Airlines changes its fares.
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Q:
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Q:
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Q:
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B) negatively sloped.
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Q:
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A) x-axis divided by the change in the variable measured along the y-axis.
B) y-axis divided by the change in the variable measured along the x-axis.
C) x-axis minus the change in the variable measured along the y-axis.
D) x-axis multiplied by the change in the variable measured along the y-axis.
E) y-axis minus the change in the variable measured along the x-axis.
Q:
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Q:
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In the diagram above, which figure(s) show(s) a direct relationship between the variables?A) both B and CB) both A and CC) only AD) only DE) only B
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Q:
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Q:
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Q:
An independent relationship between two variables is shown in a graph by
A) an upward-sloping line.
B) a horizontal or a vertical line.
C) a downward-sloping line.
D) a steeply sloped line.
E) any straight line curve.