As wages for manufacturing workers rise, wages for service workers will stay the same.
Answer the following statement true (T) or false (F)
False
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The working-age population of people over the age of 16 can be divided into two groups, people
A) in the labor force and people looking for work. B) with a job and people actively seeking a job. C) looking for work and those in the U.S. Armed Forces. D) in the labor force and people with a job. E) in the labor force and people who are not in the labor force.
In the aggregate demand-aggregate supply model in the short run, a decrease in the money supply is likely to cause a(n): a. increase in both the price level and real GDP
b. decrease in both the price level and real GDP. c. increase in real GDP and a decrease in the price level. d. decrease in real GDP and an increase in the price level. e. increase in the price level only.
You can spend $10 for lunch and you would like to purchase two cheeseburgers. When you get to the restaurant, you find out the price for cheeseburger has increased from $5 to $6, so you decide to purchase just one cheeseburger. This is best described as:
A. a decrease in the buyer's reservation price. B. the substitution effect of a price change. C. the income effect of a price change. D. an increase in the buyer's reservation price.
Economies of scale imply that within some range one can increase the size of operation and:
A. total cost will decrease. B. fixed cost will decrease. C. average total cost will decrease. D. average total cost will increase.