If the MRP of labor decreases, labor:
a. demand will decrease.
b. demand will increase.
c. supply will increase.
d. supply will decrease.
e. demand and supply will be unaffected.
a
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Which of the following will most likely occur in the United States as the result of an unexpected rapid growth in real income in Canada and Mexico?
a. an increase in aggregate demand and output in the short run b. an reduction in aggregate demand and output in the short run c. a reduction in the price level d. a decrease in the natural rate of unemployment in the United States
Most prophecies of the imminent exhaustion of many natural resources have not come true because
A. such resources are generally available in infinite quantities. B. rising prices for resources have stimulated supply and encouraged innovation. C. the demand for most natural resources has fallen as income levels have increased. D. government price floors have prevented resource exhaustion.
Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality."
B) economic development."
C) police and prisons."
D) supply and demand."
E) the private pursuit of private interests."
Refer to the above data. This nation's exports are:
a. $9 billion b. $28 billion c. $16 billion d. $24 billion