Which of the following will decrease the demand for labor in the fast-food hamburger industry?
a. a decrease in the cost of producing the hamburgers, e.g., lower wage rate
b. the price of pizza, a substitute for hamburgers, decreases
c. the price of pizza, a substitute for hamburgers, increases
d. more advanced technology is used in making fast-food hamburgers
e. the price of hamburgers increases
B
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The ________ curve shows a(n) ________ relationship between the real wage and the number of workers who are willing to work
A) labor demand; direct B) labor demand; positive C) labor supply; inverse D) labor supply; positive
Private investment fluctuates ________, which supports those economists who advocate policy ________
A) procyclically, rules B) procyclically, activism C) countercyclically, rules D) countercyclically, activism
In 1982 the CEO of American Airlines spoke on the telephone to the CEO of Braniff Airlines. The CEO of American Airlines proposed that the two airlines fix prices. The CEO of Braniff Airlines rejected the proposal. The CEO of American Airlines:
A) was within his 1st Amendment right to free speech. B) was in violation of the antitrust laws which prohibit price fixing. C) was in violation of the antitrust laws which prohibit predatory pricing. D) Both B and C are correct. E) None of the above is necessarily correct.
The shares of GDP taken in taxes by federal, state & local governments
a. have risen steadily in the past 40 years to about 22 percent. b. have dropped steadily in the past 40 years to about 6 or 7 percent. c. grew substantially until the early 1970s and have leveled off at about 10 to 11 percent. d. fell steadily until the early 1970s and has risen steadily since then.