The existence of union wages, efficiency wages, and the minimum wage
A) raises the real wage rate above the equilibrium wage rate and raises the natural unemployment rate.
B) lowers the real wage rate below the equilibrium wage rate and creates a shortage of labor.
C) raises the real wage rate above the equilibrium wage rate and creates a shortage of labor.
D) raises the real wage rate above the equilibrium wage rate and lowers the natural unemployment rate.
E) does not have an impact on the equilibrium wage rate or on the amount of unemployment.
Question 2
Looking at the U.S. balance of payments from 1980 to 2012, we see that the
A) official settlements account was large in the 1980s relative to the current account.
B) capital and financial account has been negative for most years and was small in the late 1980s and early 1990s.
C) current account has been negative for most years and was small in the late 1980s and early 1990s.
D) current account was positive until 1992 then turned negative.
E) current account was negative until 1992 then turned positive.
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