Cyclical unemployment is caused by:
a. shifts in the job skills required in the economy.
b. seasonal layoffs.
c. declines in real GDP.
d. cyclical changes in the job skills among workers.
c
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Assume a company has a cafeteria where it lets all its workers eat without making them pay up front. Instead, at the end of the month the total cost of eating at the company cafeteria is added up and divided by the total number of workers
This amount is then deducted from each worker's paycheck. Explain how this practice may lead to a negative externality.
In the monetary intertemporal model, the long-run effects of an increase in the growth rate of money include
A) an increase in output and an increase in the real wage. B) an increase in output and a decrease in the real wage. C) a decrease in output and an increase in the real wage. D) a decrease in output and a decrease in the real wage.