Define profit
Profit = Total revenue - Total cost.
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If the demand for labor ________, real wages fall and the amount of labor employed ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
An important reason why diseconomies of scale arise is because firms may have to hire lower-skilled workers as firms expand
Indicate whether the statement is true or false
If a Central Bank wished to increase the supply of money it should
(a) Raise the reserve requirement. (b) Raise the rate of discount. (c) Buy government bonds in the money market. (d) Do any or all of the above.
The increasing availability of temporary job placement agencies and online job services has ________ the efficiency of matching workers and jobs, and has therefore ________ the natural rate of unemployment in the United States.
A. decreased; decreased B. increased; decreased C. increased; increased D. decreased; increased