Which of the following has a tendency to raise the unemployment rate?
A) reducing unemployment insurance in an economy
B) offering wages at the market-clearing rate
C) implementing a minimum wage in an economy
D) reducing labor union membership in an economy
C
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If the demand for air travel were to change so that business travelers and vacationers have the same price elasticity of demand for air travel,
A) airlines would charge the same price to each type of flyer. B) airlines would still charge business flyers a higher fare since the traveler's employer pays anyway. C) airlines would be driven out of business. D) airlines would counter by charging vacationers a higher fare.
The emphasis by some economists on long-term outcomes is reminiscent of
A. Classical theory. B. Supply-side theory. C. Keynesian theory. D. None of the choices are correct.