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Unformatted text preview: ge. are unable to D) find a job at the current wage rate. have given up looking for a job, but would accept a job at the current wage if one were offered to them. Answer: A Diff: 2 Topic: The Classical View of the Labor Market Skill: Fact 33) Those who believe that wages adjust quickly to clear the labor market also believe that A) the AS curve is upward sloping. B) the AD curve is steep. C) the AD curve is flat. D) the AS curve is vertical. Answer: D Diff: 2 Topic: The Classical View of the Labor Market Skill: Fact 34) What definition of unemployment would you expect classical economists to use? A) anyone who is actively seeking work B) anyone who is willing to work if the market wage increases C) anyone who is willing to work at the current market wage, but has not yet been able to find employment D) anyone who is currently not working Answer: C Diff: 2 Topic: The Classical View of the Labor Market Skill: Definition 2 Tr ue /F al 1) s e Those who believe that the wage rate does not adjust quickly t...
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This note was uploaded on 06/02/2013 for the course ECON 130 taught by Professor Meshew during the Fall '13 term at Victoria Wellington.
- Fall '13