The rate of unemployment will be higher (for a given level of labour market coordination)
a) if firms have less monopoly power
b) if workers have less monopoly power
c) if firms have monopoly power but workers have none
d) if both firms and workers have monopoly power
e) if there is no monopoly power
d) if both firms and workers have monopoly power
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A supply curve is defined as the relationship between
A) the price of a good and the quantity that producers are willing to sell. B) the income of consumers and the quantity of a product that producers are willing to sell. C) the income of consumers and the quantity of a product that consumers are willing to buy. D) the price of a good and the quantity that consumers are willing to buy.
Suppose Bob works for Mary as a proofreader. Mary and Bob fall deeply in love, marry, and have eight children. Bob stops working for Mary in order to care for the children. What will be the effect on GDP?
A) GDP will decrease. B) GDP will increase. C) GDP will not change. D) GDP may increase or may decrease depending on inflation.