Answer the following questions true (T) or false (F)
1. Most economists believe that labor unions significantly increase the overall unemployment rate in the United States.
2. Efficiency wage is another name for the minimum wage.
3. The unemployment rate tends to be higher in the European Union as compared to the United States.
1. FALSE
2. FALSE
3. TRUE
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Provide two microeconomic statements and two macroeconomic statements. Classify your statements as positive or normative, and explain your classifications
What will be an ideal response?
If everyone expects prices to fall but they do not, then
a. nothing happens. b. the IS curve shifts to the left and the AD curve shifts to the right. c. both IS and AD shift to the right. d. both IS and AD shift to the left. e. the IS curve shifts to the right, the AD curve shifts to the left.