In the graph showing aggregate demand and aggregate supply after a positive supply shock, we can see that at Point B, ______ at Point A.
a. RGDP is higher than
b. RGDP is lower than
c. price levels are the same as
d. price levels are lower than
a. RGDP is higher than
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Specialization is the result of:
A) hiring experienced workers. B) paying higher wages to experienced workers. C) workers developing a certain skill set. D) increased demand for a firm's commodity.
A firm setting a two-part tariff with only one customer should set the entry fee equal to
A) marginal cost. B) consumer surplus. C) marginal revenue. D) price.
What best describes immigration in the US?
a. South-eastern Europe was the largest source of immigrants in the late 19th century and Latin America was the largest source at the beginning of the 20th century. b. Asia was the largest source of immigrants in late 20th century and south-eastern Europe was the largest source in the first half of the 19th century. c. Britain was the largest source of immigrants through the 18th century and Germany and Ireland were the largest sources in the last quarter of the 19th century. d. Ireland and Germany were the largest sources of immigrants in the middle of the 19th century and Latin America and Asia were the largest sources at the end of the 20th century.
The fact that more women have chosen to work as real wages rise is evidence that, for them
a. leisure is an inferior good. b. income and substitution effects of higher real wages work in the same direction. c. income and substitution effects of higher real wages may work in opposite directions. d. income and substitution effects may work in opposite directions but that the substitution effect is stronger.