Suppose a business is paying less than W E to its employees. How would this affect unemployment?
a. There would be no unemployment because demand would exceed supply, meaning
all workers would have a job.
b. There would be no unemployment because lower wages would mean that there are
more positions open.
c. There would still be unemployment because many workers would refuse to work for
such a low wage.
d. There would still be unemployment because there would not be enough jobs for all of
the available workers.
c. There would still be unemployment because many workers would refuse to work for
such a low wage.
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Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's:
A. real GDP declined. B. capital stock increased. C. production possibilities curve shifted outward. D. actual production moved from one point to another on a fixed production possibilities curve.
The health care system in ________ is referred to as socialized medicine, under which the government owns most of the hospitals and employs most of the doctors
A) Canada B) Japan C) the United Kingdom D) the United States