If a vineyard wants to raise funds to purchase a new bottling machine, it does so in the
A) factor market.
B) output market.
C) product market.
D) alcoholic beverages market.
Answer: A
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When you arrive at Olive Garden with your date, you have to wait 25 minutes for a table. Olive Garden is allocating tables using which method?
A) market price B) first-come, first-served C) command D) personal characteristics E) sharing equally
Which of the following will not contribute to higher wage rates for labor?
a. increased unionization and decreased nonunionization of employees in the economy b. a rapid increase in the demand for labor c. significantly relaxed immigration standards d. increases in technological advances that are substitutes for labor
The value (purchasing power) of each unit of money
a. is largely independent of the money supply. b. tends to increase as the money supply expands. c. increases as the general level of prices rise. d. is inversely related to the general level of prices.
If the elasticity of labor is 0.60, a 15 percent increase in the wage rate will induce a
A. 9.0 percent increase in the quantity of labor supplied. B. 9.0 percent decrease in the quantity of labor supplied. C. 4.0 percent decrease in the quantity of labor supplied. D. 4.0 percent increase in the quantity of labor supplied.