If the equilibrium wage is above the actual wage:
A. the demand for labor will increase.
B. the demand for labor will decrease.
C. the wage rate will fall.
D. the wage rate will rise.
Answer: D
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If a product exhibits increasing returns to scale, then the average cost of making the product will ______ as its production decreases?
a. increase. b. decrease. c. remain the same. d. there is insufficient information provided to answer the question.
Stagflation is defined as:
a. decreased output accompanied by a higher price level. b. decreased output accompanied by a lower price level. c. increased output accompanied by a lower price level. d. increased output accompanied by a higher price level. e. stagnation in the rate of inflation.
Refer to Figure 23-1. If the economy is at point L, what will happen?
A) Inventories have risen above their desired level, and firms decrease production. B) Inventories have risen above their desired level, and firms increase production. C) Inventories have fallen below their desired level, and firms increase production. D) Inventories have fallen below their desired level, and firms decrease production.
As populations age, public spending tends to increase
Indicate whether the statement is true or false