Which of the following is most likely to reduce the market wage rate in a job category?
a. The job is widely viewed as dangerous.
b. The job requires employees to move from city to city quite often.
c. The job requires substantial out-of-town travel.
d. Employees have considerable flexibility in choosing their work hours.
d. Employees have considerable flexibility in choosing their work hours.
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The short-run supply curve of a perfectly competitive industry with firms having identical costs is:
a. a horizontal line at the market price. b. a vertical line at the equilibrium output. c. an upward rising curve. d. a downward sloping step function.
The creation of the European Union is an example of Hayek's:
a. Human action b. Human design c. Spontaneous disorder d. None of the above
The Consumer Price Index was 247 in year 1 and 272 in year 2. The rate of inflation in year 2 was:
a. 6 percent b. 12 percent c. 8 percent d. 10 percent
Figure 4.4 illustrates the supply of tacos. An increase in the price of ground beef, which is used to make tacos, would most likely cause a movement from:
A. point a to point b. B. point c to point b. C. S2 to S1. D. S0 to S1.