Relative to the demand curve for low-skilled workers, the demand curve for high-skilled workers lies
A) to the right.
B) to the left.
C) below.
D) in the same place.
A
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There are 20 residents in the village of Towneburg. The size of the village's annual fireworks display depends upon the number of shells that are fired off. Each resident's demand for fireworks is shown below. The total cost of the fireworks display is $1,000 plus $10 per shell.
Suppose 10 shells have been fired off. What is the marginal cost of firing off one more shell?
A. $100 B. $25 C. $10 D. $0
Refer to the graph shown.
If labor supply shifts from S1 to S2, the firm will:
A. raise employment from q1 to q0 to maximize profit where MRP = W. B. reduce employment from q0 to q1 to maximize profit where MRP = W. C. raise employment from q2 to q1 to maximize profit where MRP = W. D. reduce employment from q1 to q2 to maximize profit where MRP = W.
Which statement is true?
A. Comparative advantage and absolute advantage are identical terms. B. A country can have a comparative advantage without having an absolute advantage. C. The U.S. has a comparative advantage and an absolute advantage with nearly all of its trading partners. D. Trade cannot take place unless each trading partner has an absolute advantage in the production of the good or service that it is trading.
Fiscal policy most directly affects the economy by increasing or decreasing:
A. long-run aggregate supply. B. the money supply. C. interest rate. D. aggregate demand.