Discouraged workers
A. have jobs, but are unhappy with them.
B. are officially unemployed.
C. want to work, but have given up looking for jobs.
D. are not working and don't want to work.
C. want to work, but have given up looking for jobs.
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Refer to the above figure. Which of the graphs is consistent with the long-run aggregate supply curve?
A) Graph A B) Graph B C) Graph C D) Graph D
Gretchen expects the price level to rise from 104 this year to 108 next year, and she is able to incorporate these expectations into her wage contract. If the price level rises to 106 next year instead of 108, which of the following will occur?
A) Gretchen's real wage will be unchanged. B) Gretchen's real wage may rise or fall, depending on the unemployment rate. C) Gretchen's real wage will fall. D) Gretchen's real wage will rise.