If the cyclical unemployment rate is negative, then the
A) natural unemployment rate is less than the actual unemployment rate in the economy.
B) natural unemployment rate is greater than the actual unemployment rate in the economy.
C) structural unemployment rate is greater than the frictional unemployment rate.
D) structural unemployment rate is less than the frictional unemployment rate.
E) a and d
B
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If V is constant and Y is fixed, any change in M
A) leads to a smaller change in P. B) leads to a proportionate change in P. C) leads to a larger change in P. D) does not lead to change in P.
Consider the market for medical doctors. Suppose the opportunity cost of going to medical school decreases for many individuals. Suppose it generally takes about ten years to become a practicing doctor. Holding all else constant, in ten years the equilibrium quantity of doctors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium quantity.