Economic theory suggests that the standard of living of American workers would rise if
a. the minimum wage were doubled.
b. automation were outlawed.
c. workers were forced to retire earlier.
d. technological improvements increased output per worker-hour.
D
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Which of the following changes would cause American net exports to increase?
A) An increase in the real value of the dollar B) An increase in American income C) An increase in foreign income D) A shift in demand by American consumers away from domestically produced goods
The area below the price and above the supply curve measures the producer surplus in a market
a. True b. False Indicate whether the statement is true or false
In Figure 3-6, suppose D1 and S1 indicate initial conditions in the market for ice cream. Which of the following changes would tend to cause a shift from S1 to S2 in the market for ice cream?
a. an increase in the price of sugar, an ingredient used to produce ice cream b. a decrease in the price of frozen yogurt, a substitute for ice cream c. abnormally hot weather that temporarily increases consumer desire for ice cream d. a decrease in the price of milk, an ingredient used to produce ice cream
Considering the concept of cross-price elasticity, if two goods are complements:
A. the cross-price elasticity is positive. B. a decrease in the price of one will cause a decrease in the demand for the other. C. an increase in the price of one will cause an increase in the demand for the other. D. an increase in the price of one will cause a decrease in the demand for the other.