Suppose the wage rate in a certain industry falls, and firms hire more workers. The best explanation of this is that labor:
A. demand fell.
B. demand increased.
C. supply fell.
D. supply increased.
Answer: D
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Regarding money, what matters most?
A) that is exists. B) that its quantity is known. C) that coins are available. D) that its quantity is stable.
During what period did members of labor unions comprise the largest share of the labor force?
a. 1840-1860. b. 1875-1895. c. 1920-1940. d. 1950-1970. e. 1980-2000.
What is the opportunity cost of 1 ton of apples for the nations of Argentina and Brazil, respectively?
A. 4 tons of oranges and 2 tons of oranges
B. 2.5 tons of oranges and .4 tons of oranges
C. .25 tons of oranges and .5 tons of oranges
D. 2 tons of oranges and 4 tons of oranges
Identify the ways in which each of the following determinants would have to change if each was causing a decrease in aggregate demand: consumer wealth, consumer expectations, business taxes, national income in countries abroad, exchange rates.
What will be an ideal response?