A decrease in labor productivity and the real wage could be caused by
A) a decrease in demand for labor or an increase in the supply of labor.
B) a decrease in the demand for labor or a decrease in the supply of labor.
C) an increase in the demand for or supply of labor.
D) an increase in the demand for labor or a decrease in the supply of labor.
A
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Which of the following is the formula used for computing an accounting profit?
A) accounting profits = total revenue - implicit costs B) accounting profits = total revenue - (implicit + explicit costs) C) accounting profits = total costs - total revenue D) accounting profits = total revenue - explicit costs
Refer to the graph below for a natural monopoly. Assume the demand for the natural monopoly is originally D1. Now suppose a second firm enters the market and the demand for each firm becomes D2. The result will be
a. profit to rise for both firms.
b. profit to fall for the original natural monopoly firm and a profit to be earned by the new second firm.
c. profits to continue to be enjoyed by the original natural monopoly but a loss for the new second firm.
d. losses for both firms.
At E2, what is the value of the U.S. dollar?
a. less than 1.00 euro
b. 1.00 euro
c. greater than 1.00 euro but less than 1.50 euro
d. 1.50 euro
In 2003, the Bush administration revised the tax bill to include provisions to:
A. delay tax increases from the 2001 bill. B. decrease the child tax credit. C. lower taxes on dividends. D. increase taxes on capital gains.