If labor demand increases, the market wage rate will
a. increase
b. decrease
c. remain stable
d. decrease initially and then rise by a larger amount
e. decrease initially and then rise by a small amount
A
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Before 1860, most of the U.S. population lived _____ and most workers _____
a. in small to medium cities; were members of trade guilds b. in rural areas; were self-employed c. in large cities; were self-employed d. in large cities; were employed in mills and factories
Which of the following represents the best example of a price ceiling?
a. a ration coupon b. the price of caviar c. parity pricing d. rent control e. a soil bank program
Suppose that Cambodia becomes the next popular tourist destination. You notice that hotels, restaurants, and other services cost much less there than in the United States. From the perspective of the U.S. dollar, what would be the real exchange rate of the Cambodian riel?
a) The real exchange rate would be 0. b) The real exchange rate would be 1. c) The real exchange rate would be greater than 1. d) The real exchange rate would be less than 1.
Related to the Economics in Practice on p. 68: One explanation for the increase in the price of the Baltimore newspaper is the new, increased regard the citizens of Baltimore have for newspapers. This would cause the ________ Baltimore newspapers to ________.
A. quantity demanded of; decrease B. demand for; decrease C. demand for; increase D. quantity demanded of; increase