Refer to Table 4-8. Suppose that the quantity of labor demanded decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $10.00; Q = 390,000 B) W = $8.50; Q = 340,000
C) W = $9.50; Q = 380,000 D) W = $8.00; Q = 350,000
D
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a. M1 b. M2 c. M3 d. M1 and M3 (approximately the same rate) and not M2 because M2 is part of M3 e. M1, M2, and M3 which, by definition, must grow at the same rate
Laws that assign owners the rights to use assets as they see fit are called
a. human rights. b. economic rights. c. property rights. d. government rights.
What would the Balance on Goods and Services equal given the following information?Government Taxes= $700; Saving= $100; Gross Private Domestic Investment= $400; Government Spending= $600
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For farmers as a group, increased productivity can lead to lower incomes
Indicate whether the statement is true or false