What is the usual response of firm to an increase in the price of what they sell?
A. An increase in output
B. An increase in hiring factors of production
C. An increase in the profit level of the firm
D. An increase in employment at the firm
E. All of these responses are correct.
Answer: E
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Sustained increases in the standard of living depend on
A) increases in the population. B) increases in the quantity of labor. C) increases in labor productivity. D) decreases in labor productivity. E) increases in aggregate hours.
The following are the equations for the supply and demand curves in the market for weezils: Demand: Qd= 20?2P Supply: Qs= 5 + 3P where Qdis the quantity demanded, Qsis the quantity supplied, and P is the price per weezil in dollars. Refer to Exhibit 4-1. According to the data given, when the market is in Equilibrium, how many weezils are sold?
A. 3 B. 5 C. 11 D. 14
The resource income earned by those who supply labor services is called
A) profit. B) bonus. C) stock options. D) wages and salaries.
Over the last 50 years or so, the rate of growth of average working hours has been mostly negative
a. True b. False