Of the following reasons for unemployment, which will increase most because of a recession?
A. New job market entrants.
B. Workers that have reentered into the job market.
C. Workers that have lost their jobs.
D. Workers that have left their jobs.
Answer: C
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Workers in country A receive an increase in wages of 10 percent at the same time the inflation rate in country A is 8 percent. Workers in country B receive an increase in wages of 3 percent and the inflation rate in country B is 1 percent. In which country are workers better off?
A. Country A because their real wages rise by 18 percent. B. Country A because their real wages rise by 10 percent. C. Country B because the inflation rate is lower. D. Neither country because the increase in real wages is the same.
Government intervention is sometimes used to reduce the external costs of production.
Answer the following statement true (T) or false (F)