When all other influences on work plans remain the same, the
A) lower the real wage rate, the smaller the quantity of labor supplied.
B) higher the real wage rate, the greater the quantity of labor demanded.
C) lower the real wage rate, the greater the quantity of labor supplied.
D) lower the real wage rate, the smaller the quantity of labor demanded.
E) lower the real wage rate, the larger the labor force participation.
A
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Consider the United States' production of soy beans and running shoes. If the United States has an absolute advantage in the production of both goods compared to China,
A) only the United States can gain from trade. B) each country will be able to produce at a point beyond its PPF. C) only China can gain from trade. D) only the United States will be able to operate beyond its PPF. E) both countries can gain from trade.
When government policies are enacted,
a. equality can usually be enhanced without an efficiency loss, but efficiency can never be enhanced without a reduction in equality. b. efficiency can usually be enhanced without a reduction in equality, but equality can never be enhanced without an efficiency loss. c. it is always the case that either efficiency and equality are both enhanced, or efficiency and equality are both diminished. d. None of the above are correct.
The largest component of GDP is:
a. durable goods. b. net exports. c. personal consumption expenditures. d. government spending.
When comparing market and public sector decision making, which statement is NOT true?
A) Self-interest is the motivating force in each decision making arena. B) In both decision making sectors, majority rule is how things are done. C) In both decision making sectors, there are scarcity constraints. D) Collective (political) outcomes and economic outcomes may differ.