Refer to Table 20-17. Looking at the table above, real average hourly earnings between 2015 and 2016 changed by
A) 1.2%. B) 4.5%. C) 9.9%. D) 14.5%.
D
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If there is a positive relationship between two variables,
A) the graph of the relationship will be downward sloping. B) the graph of the relationship will be upward sloping. C) the slope of the line graphing the relationship will be negative. D) Both answers A and C are correct. E) Both answers B and C are correct.
A newspaper headline asserts: "Rising demand pulls up copper prices." The headline
A) is claiming demand determines price (rather than price determining demand). B) is claiming more copper would be demanded at higher prices. C) is claiming prices will fluctuate indefinitely. D) is guilty of all three errors mentioned above. E) makes perfectly good sense from the standpoint of economic theory.
A monopsony has an upward sloping supply curve because
A. when more units of labor are hired, only the new workers receive the higher wage. B. diminishing marginal product to scale does not exist in a monopsony. C. each additional unit of labor costs less. D. when more units of labor are hired, all laborers must receive the higher wage.
The Great Depression of the 1930s, with a large number of workers and factories unemployed, would be represented in a production possibilities frontier by
A) a point inside the frontier. B) a point outside the frontier. C) a point on the frontier. D) an intercept on either the vertical or the horizontal axis.