Which of the following examples would most likely result in high costs for workers?
a. Sports equipment production remains steady with just enough job applicants to meet demand.
b. Computer job openings have an overflow of applicants with computer science degrees.
c. An agricultural recession results in a widespread lay off of farm workers.
d. A diamond mining boom causes skilled miners to be in short supply.
d. A diamond mining boom causes skilled miners to be in short supply.
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A local public good
A. only benefits members of a particular community. B. gives higher benefits than regular public goods. C. requires unanimous voting. D. has become an integral part of the federal government.
Advances in production technology typically reduce firms' costs, which increases the quantity supplied at each price
a. True b. False Indicate whether the statement is true or false
A Decrease in price will result in an increase in total revenue if:
a. the percentage change in quantity demanded is less than the percentage change in price. b. the percentage change in quantity demanded is greater than the percentage change in price. c. demand is inelastic. d. the consumer is operating along a linear demand curve at a point at which the price is very low and the quantity demanded is very high.
The foreign trade effect is when the US price level __________ relative to foreign price levels and the quantity of US goods demanded as net exports decreases.
Fill in the blank(s) with the appropriate word(s).