Increased border patrol will affect the labor market in California. With a(n) _________ in labor supply, we would expect wages to __________.
A. decrease; decrease
B. decrease; increase
C. increase; increase
D. increase; decrease
B. decrease; increase
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The current account
A) measures our exports minus our imports taking into account interest payments paid to and received from the rest of the world. B) measures our imports minus our exports. C) does not account for interest payments paid to and received from the rest of the world. D) is part of GDP.
Because it is small relative to the market, a perfectly competitive firm faces an inelastic demand curve for its output
a. True b. False
Keynes believed that investment is
A) dependent on a number of factors, including business expectations. B) mainly determined by changes in interest rates. C) unrelated to business expectations. D) related to business expectations only during recessionary periods.
Figure 7-8
Of the graphs in Figure 7-8, which represents total cost?
a.
1
b.
2
c.
3
d.
4