An investment grows from $100.00 to $150.00 or 50% over five years. What annual increase gives a 50% increase over five years?
a. 7.05%
b. 3.10%
c. 11.30%
d. 8.45%
e. none of the above
d. 8.45%
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If a union limits its size to the number of employed members it had when the union was first formed, over time there will be
A) an increase in the supply of union labor. B) falling wages as demand for workers increases. C) rising wages as demand for workers increases and the supply increases proportionally. D) rising wages as demand for workers increases but some potential workers are denied a place in the union.
Legislation considered by Congress to restrict legal immigration would:
a. have little effect on medical markets since so few physicians practicing medicine in the U.S. are foreigners. b. raise the costs of operating in many of the nation's rural and inner-city hospitals. c. allow more Americans trained abroad to compete for openings in U.S. residency programs. d. surprise many policy makers because Congress finds it difficult to agree on much of anything regarding immigration. e. improve employment prospects for native-born Americans.
What will be an ideal response?If demand and supply both decrease, which of the following is correct?
A. The equilibrium price rises but the impact on the equilibrium quantity is ambiguous. B. The effect on both the equilibrium quantity and on the equilibrium price is ambiguous. C. The equilibrium price decreases but the impact on the equilibrium quantity is ambiguous. D. The equilibrium quantity decreases but the impact on the equilibrium price is ambiguous. E. The equilibrium quantity increases but the impact on the equilibrium price is ambiguous.
John is contemplating whether he should take a job offered to him. John should
A. take the job if taking the job implies he will enjoy more leisure. B. not take the job if taking the job implies he will enjoy less leisure. C. not take the job if the value of his leisure is less than the wage rate the job pays. D. not take the job if the value of his leisure is greater than the wage rate the job pays.