When the economy is operating at an output rate below its full-employment level, the
a. actual level of unemployment will exceed the natural rate of unemployment.
b. current rate of output will tend to persist into the future.
c. strong demand for resources will cause resource prices to rise.
d. actual unemployment rate will be less than the natural rate of unemployment.
A
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Due to a recession, Hostess Bakeries found that the demand for its products decreased. The demand for products ________ the demand for bakers and ________ the equilibrium wage rate paid to bakers
A) increased; raised B) decreased; raised C) increased; lowered D) decreased; lowered
Which of the following is true about producer surplus?
a. Producer surplus is how much more it costs sellers than they are paid b. Producer surplus is shown graphically as the area under the demand curve but above the supply curve. c. An increase in the market price due to an increase in demand will increase producer surplus. d. All of the above are true about producer surplus.