The effect of trade on specialized employees of import-competing industries will be ________ jobs and ________ pay because they are relatively ________
A) fewer; lower; immobile
B) fewer; lower; mobile
C) more; lower; immobile
D) more; higher; mobile
E) more; higher; immobile
A
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If revenue from a cigarette tax is used to pay for healthcare for people with lung cancer, the cigarette tax may be justified on the basis of
a. the benefits principle. b. the ability-to-pay principle. c. vertical equity. d. horizontal equity.
In an increasing-cost industry, an increase in industry output will
A. shift each firm's short run supply curve down. B. shift each firm's average fixed cost curve down. C. lead to a lower market price. D. lead to a higher market price.
Which of the following industries would be considered to have a capital intensive production process?
A. Farming in a poor country B. Writing a novel. C. Auto manufacturing D. Art restoration.
Suppose the economy's production function is Y = A(300N - N2). The marginal product of labor is MPN = A(300 - 2N). Suppose that A = 10. The supply of labor is NS = 0.05w + 0.005G.(a)If G is 26,000, what are the real wage, employment, and output?(b)If G rises to 26,400, what are the real wage, employment, and output?(c)If G falls to 25,600, what are the real wage, employment, and output?(d)In cases (b) and (c), what is the government purchases multiplier; that is, what is the change in output divided by the change in government purchases?
What will be an ideal response?