The market labor-supply curve has all of the following properties except it:
A. is always upward sloping.
B. reflects people's willingness to work more when wages are higher.
C. shows the relationship between the price of labor and the quantity supplied.
D. shifts with changes in the opportunity cost for work
A. is always upward sloping.
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What is economic surplus? When is economic surplus at a maximum?
What will be an ideal response?
If net exports are a negative number, then:
a. we are not buying enough exports. b. we are buying too many exports. c. GDP will underestimated when measured using the expenditure approach. d. we are exporting more than we are importing. e. we are exporting less than we are importing.
Which of the following is a shortcoming of GDP?
a. GDP measures nonmarket transactions. b. GDP includes an estimate of illegal transactions. c. GDP includes an estimate of the value of household services. d. None of these are true.
Polar ice cap shrinks further and thins With global warming of the planet, the polar ice cap is shrinking. As the Arctic Sea expands, more underwater mineral resources will be accessible
Countries are staking out territorial claims to parts of the polar region. Source: The Wall Street Journal, April 7, 2009 Explain how ownership of these mineral resources will influence the amount of damage done to the Arctic Sea and its wildlife.