When demand for labor is highly inelastic, many workers lose their jobs when the minimum wage is raised
Indicate whether the statement is true or false
F
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An advance in technology that increases productivity and an increase in the working-age population results in a
A) rightward shift of the labor supply curve. B) rightward shift of the labor demand curve. C) rightward shift of the labor demand curve and of the labor supply curve. D) no change to the production function.
When gross investment is greater than depreciation, then the nation's capital stock increased
Indicate whether the statement is true or false
If you compared the short-run demand and long-run demand for education at your college, you would almost certainly find that
a. the long-run demand curve was steeper than the short-run demand curve. b. a tuition increase would reduce enrollment more in the long run than in the short run. c. a reduction in tuition would increase enrollment in the short run but not in the long run. d. the short-run and long-run demand curves were identical.
Suppose China can produce 200 TVs or 200 DVD players. South Korea can produce either 100 TVs or 200 DVD players. In terms of TV production, we can conclude that
A. China has an absolute advantage in TV production. B. China has a comparative advantage in TV production. C. South Korea has an absolute advantage in TV production. D. South Korea has a comparative advantage in TV production.