Based on wage setting behavior, we know that an increase in the unemployment rate will cause
A) no change in the real wage.
B) a reduction in the real wage.
C) an increase in the real wage.
D) an upward shift of the WS curve.
B
Economics
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Gomer can make either 200 gallons of corn liquor (L) or 200 gallons of strawberry wine (W) every six months. Goober can make only 100 gallons of corn liquor (L) or 50 gallons of strawberry wine (W) every six months. Which statement below is true?
A) Gomer produces W more efficiently than Goober. B) Gomer produces L less efficiently than Goober. C) Goober produces L more efficiently than Gomer. D) All of the above are true.
Economics
Distinguish between the nominal and real rates of interest using an example
What will be an ideal response?
Economics