Over time, carpenters become aware of more attractive employment opportunities outside of carpentry. Does this development affect the demand for carpenters, or does it affect the supply of carpenters?
The change in alternative opportunities affects the supply of carpenters.
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One reason for the rise in the natural rate of unemployment from 1960 to 1980 is
A) changes in the demographic composition of the work force. B) the decline in inflation. C) increased competition from foreign workers. D) the depreciation of the dollar relative to foreign currencies.
Since 1945, national defense expenditures as a percentage of GDP have _____
a. fallen from 41 percent to 3.7 percent b. fallen from 32.1 percent to 20.1 percent c. fallen from 62.3 percent to 11.5 percent d. fallen from 50.5 percent to 9.6 percent
To calculate tax revenue:
A. divide total revenues by the tax per unit. B. multiply total revenues by the tax per unit. C. multiply the tax per unit by the number of units of the item being taxed. D. multiply the tax per unit by the price of the unit being taxed.
When production of a good provides external benefits, there will be
a. too few resources devoted to its production. b. too many resources devoted to its production. c. the optimal amount of resources devoted to its production. d. abnormally high profits earned by producers of the good.