Holding other factors constant, if the education and skills of the typical worker in an economy increases, then the real wages of workers will ________ and employment of workers will ________.
A. decrease; increase
B. decrease; not change
C. increase; decrease
D. increase; increase
Answer: D
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
All other things being equal, an increase in the supply of labor will lead to a fall in the wage
a. True b. False Indicate whether the statement is true or false
In the Standard Oil antitrust case in 1911, the Court ruled that the:
A. company had to be disbanded. B. company was guilty of unfair business practices and therefore should be broken up. C. company had a monopolistic structure and therefore should be broken up. D. Sherman Antitrust Act did not apply.
The following graph shows the market equilibrium for corn in the United States. If the world price of corn is $6 and there are no trade restrictions, the United States will:?
What will be an ideal response?