Which of the following will cause a movement upward along a supply curve?
A. Increases in raw-material costs.
B. Increases in labor costs.
C. Increases in the cost of machinery.
D. Increases in the market price of a good, other things being equal.
Answer: D
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A new entrant is an individual
A) in the labor force whose employment was involuntarily terminated. B) who used to work full time but left the labor force and has now reentered it looking for a job. C) in the labor force who quits voluntarily. D) who has never held a full-time job lasting two weeks or longer but is now seeking employment.
Suppose compensation is given by W = 512,000 + 217? + 10.08S, where W = total compensation of the CEO, ? = company profits (in millions) = $200, and S = sales (in millions) = $400. What percentage of the CEO's total earnings are tied to profits of the firm?
A. 10.9 percent B. 5.1 percent C. 8.2 percent D. 7.8 percent
Using the above table, at a price of $5 there will be a
A. surplus of 20 units. B. shortage of 20 units. C. shortage of 10 units. D. surplus of 10 units.
Related to the Economics in Practice on p. 431: The National Income and Product Accounts (NIPAs) were originally developed for the Commerce Department
A. during the era of the Great Depression in the 1930s. B. during the Reconstruction era following the Civil War. C. at the onset of the Cold War in the 1950s. D. during the 1970s following the public distrust of the government from the Watergate scandal.