It is easy to manage cartels in an industry that produces seasonal goods
a. True
b. False
Indicate whether the statement is true or false
False
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The upward slope of the supply curve reflects the
A. law of diminishing marginal utility. B. principle of specialization in production. C. fact that price and quantity supplied are inversely related. D. law of supply.
If the average market price for haircuts increases, all else equal, which of the following is LEAST likely to occur as a result?
A. Some workers will leave other jobs in order to become hair stylists. B. Many salons will go out of business. C. Existing salons and barber shops will hire more stylists and barbers. D. More new salons will open.
If the world terms of trade for a country are somewhere between the domestic cost ratio of H and that of F, then
A) country H but not country F will gain from trade. B) country H and country F will both gain from trade. C) neither country H nor F will gain from trade. D) only the country whose government subsidizes its exports will gain. E) country F but not country H will gain from trade.
The labor force includes:
A. employed workers and persons who are officially unemployed. B. employed workers but excludes persons who are officially unemployed. C. full-time workers but excludes part-time workers. D. permanent employees but excludes temporary employees.