Which of the following is most likely to result from an increase in the demand for computer technicians?
a. an increase in the wages of computer technicians, which will attract additional technicians in the long run
b. an increase in the employment of computer technicians, which will depress current wage rates but eventually lead to higher wage rates for technicians
c. a decline in the number of persons preparing themselves for careers as computer technicians
d. lower wage rates and a shortage of computer technicians
A
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Assume the U.S. population is 300 million. If the working age population is 240 million, 150 million are employed, and 6 million are unemployed, what is the labor force?
A) 300 million B) 240 million C) 156 million D) 150 million E) 144 million
Which of the following reflects the concept of required reserves?
A. The money multiplier is greater than 1. B. Required reserves are equal to total reserves. C. Excess reserves are equal to 0. D. Banks can lend only their required reserves.
Suppose the own price elasticity of demand for good X is ?0.5, and the price of good X increases by 10 percent. What would you expect to happen to the total expenditures on good X?
A. Increase B. Remain unchanged C. Decrease D. Neither increase, decrease, nor remain unchanged
The government should provide one more unit of a public good if ________
A) the marginal benefits equal the marginal costs of providing the additional unit B) the marginal cost of providing the next unit exceeds the marginal benefits C) the marginal benefits exceed the marginal costs of providing the next unit D) the marginal costs of providing the next unit equal the average cost of providing the next unit