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Q. 1
In the wage-setting relation, the nominal wage increases when:
. the price level rises.
. the minimum wage decreases.
. the unemployment rate rises.
. unemployment benefits decrease.
. all of the above.
Q. 2
Based on the wage-setting behaviour, we know that a reduction in the unemployment rate will cause:
. an increase in the real wage.
. a reduction in the real wage.
. an upward shift of the WS curve.
. a downward shift of the WS curve.
. no change in the real wage.
Q. 3
Assume the economy is initially operating at the natural level of output. Suppose that individuals decide to increase their saving. We know that this increased desire to save will be "neutral" in:
. the medium run, but not the long run.
. both the short run and the medium run.
. neither the medium run nor the short run.
. the short run, but not the medium run.
. none of the above.