In the above figure, if the real wage is $10 per hour, a labor
A) shortage will occur and the real wage will rise.
B) shortage will occur and the real wage will fall.
C) surplus will occur and the real wage will rise.
D) surplus will occur and the real wage will fall.
A
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In the above figure, in order for this country to move from production possibilities frontier PPF1 to PPF2, it might
A) increase the skills and productivity of its work force. B) put all unemployed resources to work producing desired output. C) engage in exchange with other nations. D) increase the average level of prices for all goods produced and consumed.
Supply-side economics is a term associated with the views of
a. Ronald Reagan and Arthur Laffer. b. Karl Marx. c. Bill Clinton and Greg Mankiw. d. Milton Friedman.
Faster economic growth imposes an opportunity cost in the form of
A. reduced current consumption. B. a larger capital stock. C. increased investment. D. increased future income.
Total costs divided by output equals ______.
Fill in the blank(s) with the appropriate word(s).