Which of the following would tend to increase the wage of coal miners?
a. new environmental laws that make it more costly for firms to use coal in their production process
b. an increase in the price of oil, a substitute for coal
c. a decrease in the demand for coal
d. an increase in the supply of coal miners
B
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The balance of payments includes which three accounts?
A) the current account, the financial account, and the capital account B) the net investment account, the net exports account, and the net transfers account C) the balance of trade account, the net foreign investment account, and statistical discrepancy D) the capital flows account, the financial account, and the trade account
According to the bank reserve equation, the largest factor supplying reserves to the banking system is
A) Federal Reserve purchases of government securities. B) Treasury currency outstanding. C) float. D) currency in circulation.
Pollution is caused by a market failure, in an industry in which there is
A) unemployment. B) an over-allocation of resources in production. C) excess demand. D) excessive cost borne by the firm.
The exchange rate is
a. the price of foreign exchange determined by the interaction of supply and demand b. an interest rate determined by the interaction of supply and demand c. fixed by each government separately d. always fixed for any two currencies by the two nations involved, regardless of any agreements made with other nations e. fixed by GATT