- 28.Questions for Review 28.1: What are the three categories into which the Bureau of Labor Statis...
- 28.Problems and Applications 28.1: The Bureau of Labor Statistics announced that in April 2010, of all...
- 28.Questions for Review 28.2: Is unemployment typically short term or long term? Explain.
- 28.Problems and Applications 28.2: Go to the website of the Bureau of Labor Statistics (http://www.bls...
- 28.Questions for Review 28.3: Why is frictional unemployment inevitable? How might the government...
- 28.Problems and Applications 28.3: Between 2004 and 2007, total U.S. employment increased by 6.8 milli...
- 28.Questions for Review 28.4: Are minimum-wage laws a better explanation for structural unemploym...
- 28.Problems and Applications 28.4: Economists use labor-market data to evaluate how well an economy is...
- 28.Questions for Review 28.5: How do unions affect the natural rate of unemployment?
- 28.Problems and Applications 28.5: Are the following workers more likely to experience short-term or l...
- 28.Questions for Review 28.6: What claims do advocates of unions make to argue that unions are go...
- 28.Problems and Applications 28.6: Using a diagram of the labor market, show the effect of an increase...
- 28.Questions for Review 28.7: Explain four ways in which a firm might increase its profits by rai...
- 28.Problems and Applications 28.7: Consider an economy with two labor markets one for manufacturing wo...
- 28.Problems and Applications 28.8: Structural unemployment is sometimes said to result from a mismatch...
- 28.Problems and Applications 28.9: Suppose that Congress passes a law requiring employers to provide e...
Solutions for Chapter 28: Unemployment
Full solutions for Principles of Economics | 6th Edition
total revenue divided by the quantity sold
the limit on the consumption bundles that a consumer can afford
an excess of government receipts over government spending
constant returns to scale
The property whereby long-run average total cost stays the same as the quantity of output changes
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending
the quantity of output that minimizes average total cost
a banking system in which banks hold only a fraction of deposits as reserves
spending on goods and services by local, state, and federal governments
gross domestic product (GDP)
the market value of all final goods and services produced within a country in a given period of time
a curve that shows consumption bundles that give the consumer the same level of satisfaction
law of demand
the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
law of supply and demand
the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
marginal product of labor
the increase in the amount of output from an additional unit of labor
a curve that shows the short-run trade-off between inflation and unemployment
the stock of equipment and structures that are used to produce goods and services
the study of government using the analytic methods of economics
the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services
quantity theory of money
a theory asserting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts