If the price of TVs produced by XYZ-TV Company increases from $1,000 to $1,250 per TV set, then the:
A. supply of labor to the XYZ-TV Company increases.
B. demand for labor by the XYZ-TV Company increases.
C. supply of labor to the XYZ-TV Company decreases.
D. demand for labor by the XYZ-TV Company decreases.
Answer: B
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Hold the prices of goods, as well as Amy’s preferences, constant. If Amy’s income increases, then
a. both her indifference curves and budget constraint change. b. her indifference curves change, but her budget constraint does not change. c. her budget constraint changes, but her indifference curves do not change. d. neither her indifference curves nor her budget constraint change.
In a labor-market pooling equilibrium with high-skill and low-skill workers and where a costly educational degree is used as a signaling device, all else equal, an increase in the wage differential between high- and low-skill workers leads to
A) an increase in the required minimum share of high-skill workers. B) a decrease in the required minimum share of high-skill workers. C) no change in the required minimum share of high-skill workers. D) None of the above answers are correct.
Who is the person or firm who is supposed to act on behalf of the principal as discussed in this chapter?
a. attorney b. sales person c. agent d. teachers
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, the amount of surplus enjoyed by domestic consumers with free trade before the tariff is area:
A. ABCDEFGHIJKL B. ABCDEFG C. ABC D. A