A fall in the real wage rate ________ firms' profits and leads to ________ in the quantity supplied
A) does not change; no change
B) lowers; a decrease
C) raises; an increase
D) raises; a decrease
E) lowers; an increase
C
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An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue
A) variable B) model C) market D) trade-off
Comparisons between industrialized nations and less-developed countries indicates that as income rises, the demand for a clean and well-preserved environment
a. increases by a proportional amount. b. decreases by a proportional amount. c. increases by a more than proportional amount. d. decreases by a less than proportional amount.
Rising labor productivity means that less labor is needed to produce the same level of output.
Answer the following statement true (T) or false (F)
The egalitarian principle of income refers to
A) each person being paid differently. B) each person receiving the same income. C) each person receiving tax breaks. D) each person working the same number of hours.