If a large number of people decide to major in economics, the supply and demand model has little to say about the future wages of economists
Indicate whether the statement is true or false
False. If more people major in economics, and the demand for economists does not change, the wages of economists will be expected to decline in the future as the supply of economists increases.
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Which of the following correctly describes the relationship between the marginal cost and average variable cost curves?
a. MC is everywhere above AVC b. AVC is everywhere above MC c. MC crosses AVC at AVC's minimum point d. MC crosses AVC at MC's minimum point e. both AVC and MC first rise and then fall
Under perfect competition, a technological advance
a. shifts the market demand curve leftward, decreasing market price b. shifts the market supply curve rightward, decreasing market price c. shifts the market demand curve rightward, increasing market price d. shifts the market supply curve leftward, increasing market price e. causes unpredictable shifts in supply and demand
President George W. Bush's tax cut in 2001 was a rare example of
a. timely monetary policy. b. timely fiscal policy. c. the slow response of policy to events. d. the inability of Congress to react to policy needs.
An appreciation of the U.S. dollar
A. makes our exports more expensive in terms of foreign currency and imports cheaper in terms of the dollar, increasing net exports. B. makes our exports more expensive in terms of foreign currency and imports cheaper in terms of the dollar, decreasing net exports. C. makes our exports less expensive in terms of foreign currency and imports cheaper in terms of the dollar, increasing net exports. D. makes our exports less expensive in terms of foreign currency and imports cheaper in terms of the dollar, decreasing net exports.