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the quantity of goods and services a worker ca… Show more

Paper help Economics the quantity of goods and services a worker ca… Show more

Economics

the quantity of goods and services a worker ca… Show more

the quantity of goods and services a worker ca… Show more The nominal wage represents Answer the quantity of goods and services a worker can purchase in exchange for work time the dollar value of the goods and services a worker can purchase in exchange for work time real wages minus taxes paid on wages the most accurate measure for comparing employee standard of living across time real wages divided by the price level . Question 2 In constructing the short-run aggregate supply curve, we define the short run as the period in which Answer the price level is constant output is fixed profit is constant the costs of some resources are fixed the economic growth rate is less than 4 percent . Question 3 Which of the following types of unemployment can exist in an economy that is at its potential output level? Answer cyclical unemployment only structural unemployment only frictional, cyclical, and seasonal unemployment only frictional, seasonal, and structural unemployment only there will be no unemployment in an economy that is at the potential output level . Question 4 If nominal wage rates increase by 2 percent per year and the price level increases by 5 percent per year, real wages will Answer increase by 3 percent per year increase by 5 percent per year increase by 2 percent per year decrease by 5 percent per year decrease by 3 percent per year . Question 5 The potential level of output can be altered by changes in Answer the actual price level the expected price level aggregate demand real GDP a nation’s stock of capital . Question 6 In the short run, there is a positive relationship between Answer inflation and unemployment inflation and real GDP the actual price level and aggregate quantity supplied the actual price level and unemployment the actual price level and consumption spending . Question 7 In constructing a short-run aggregate supply curve, we assume that the goal of business is to Answer maximize sales revenue maximize profit maximize growth in assets maximize growth in sales minimize cost . Question 8 Compensation is usually negotiated in terms of a nominal wage because Answer employers want to pay low real wages workers are concerned only about the nominal wage firms are concerned only about the nominal wage wage agreements are based on expected price levels implicit contracts between workers and employers seldom last longer than three months . Question 9 For the purpose of aggregate supply analysis, the long run is the period of time during which Answer aggregate supply adjusts to equal aggregate demand excess aggregate supply is bought excess aggregate demand is fulfilled real wages are constant all resource prices can be varied Question 10 The theory that the longer the unemployment rate remains above the natural rate, the higher will be the natural rate, is known as Answer hysteresis hysterical analysis historical analysis histoplasmosis hypoglycemia • Show less

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