Other things constant, when the work opportunities in an occupation are unstable (that is, layoffs are common), the hourly wages of workers in the occupation will tend to be
a. lower than the wages of workers with otherwise similar jobs.
b. above market equilibrium.
c. higher than the wages of workers with otherwise similar jobs.
d. below market equilibrium
c. higher than the wages of workers with otherwise similar jobs.
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Increased investment spending in the economy would be a possible result of
A) an increase in interest rates. B) a decrease in the money supply. C) an open market sale of bonds by the Fed. D) an open market purchase of bonds by the Fed.
The value of a slice of pizza to a consumer is equal to
A) its marginal benefit. B) the maximum price the consumer is willing to pay. C) the consumer surplus. D) Both answers A and B are correct. E) Both answers B and C are correct.
Refer to the figure above. With the tariff, the government collects
A) $50,000. B) $60,000. C) $100,000. D) $220,000.
Adam Smith believed that monopoly is the most efficient market structure
a. True b. False Indicate whether the statement is true or false