Chapter 5 Q&A - 27 The demand for teachers increased in...

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  27)  1
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The  demand  for teachers increased in the spring of 2005, but the starting wages paid to teachers was still the same at  the end of 2005. This is an example of a:  A) 
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price control.  B) 
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flexible price.  C) 
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sticky price.  D) 
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highly regulated market.  Answer:  
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28) 
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Accordin g to the  Classical model, unemployment could not persist because __________ would __________ to eliminate  the excess __________.  A) 
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wages; rise;  supply of labor  B) 
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prices; rise;  supply of goods  C) 
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wages; fall;  supply of labor  D) 
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prices; fall;  demand for goods  Answer:  
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29) 
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Suppose  the  economy suffers a high rate of inflation. According to Keynesian economists, the government should  decrease employment by:  A) 
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decreasing  money supply.  B) 
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balancing the  budget.  C) 
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not doing  anything.  D) 
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decreasing  government spending.  Answer:  
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30) 
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In a  business  cycle, a peak occurs before the beginning of a(n) ________ and a trough occurs before the beginning of  a(n) ________.  A) 
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