In the classical model, what occurs if a wage of $20/hour results in unemployed workers?
A) The wage rate will drop, more workers will be hired, and the unemployment rate falls.
B) Producers will quickly create more jobs and hire the unemployed workers, so unemployment is short-lived.
C) The workers will go on strike to demand that more jobs be created.
D) The government will step in and order firms to hire more workers.
A
Economics
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People obtain their money incomes basically by
A) chance. B) hard work. C) inheritance. D) supplying something for which others are willing to pay.
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The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:
a. market economy. b. command economy c. soviet economy. d. traditional economy.
Economics