A decrease in the demand for labor will ________ real wages and ________ employment
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
D
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
The foreign exchange rate is the
a. current account b. the law of comparative advantage c. the capital account d. the balance of trade e. the price of one currency in terms of another
Since individual consumers do not know how much of the price they pay for a commodity is due to trade protection, consumers rarely lobby their political representatives to eliminate protection and reduce prices
a. True b. False Indicate whether the statement is true or false
At Nick's Bakery, the cost to make homemade chocolate cake is $4 per cake. As a result of selling five cakes, Nick experiences a producer surplus in the amount of $17.50 . Nick must be selling his cakes for
a. $6.50 each. b. $7.50 each. c. $9.50 each. d. $10.50 each.