The Amount in Controversy in a Diversity of Citizenship Case

question 8

True/False

The amount in controversy in a diversity of citizenship case must be more than $1 million before a federal court can take jurisdiction.​

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Definitions:

Positive Amount of Unemployment

A situation where there is a nonzero level of unemployment in the economy, often considered normal due to frictions and transitions in the job market.

Market-clearing Wage

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded.

Market-clearing Wage

The wage rate at which the quantity of labor supplied is equal to the quantity of labor demanded.

Efficiency Wage

A higher-than-market wage that a firm pays to increase worker productivity and reduce turnover.