Consider the labor market for heath care workers. Because of the aging population in the United States, the output price for health care services has increased. Holding all else equal, the equilibrium wage of health care employees would
a. increase.
b. decrease.
c. not change.
d. It is not possible to determine what happens to the equilibrium wage.
a
You might also like to view...
Which of the following is not an abstraction of macroeconomics?
A. Inflation rate B. Total costs C. Unemployment D. Aggregate supply
Which of the following is a shortcoming of GDP?
A. GDP excludes changes in inventories. B. GDP includes an estimate of illegal transactions. C. GDP excludes nonmarket transactions. D. GDP excludes business investment spending.
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 18.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is TRUE?
A. April has an absolute advantage in painting kites but not snowboards. B. April has an absolute advantage in painting snowboards but not kites. C. April has an absolute advantage in painting both goods. D. April does not have an absolute advantage in painting either good.
For a closed economy with no government, we know that at every level of GDP actual investment equals
A) the difference between planned investment and actual saving. B) the difference between planned saving and actual saving. C) planned investment. D) planned saving.