Which of the following statements about a firm's demand curve for labor is true?
a. It shows the relationship between the price of output and the quantity of output demanded.
b. It usually has a negative slope.
c. It is perfectly inelastic.
d. It is derived from the labor supply curve.
e. It is parallel to the demand curve for the firm's product.
B
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Assume a distant tribe only harvests breadfruit and its entire livelihood depends on it. If the price of breadfruit were to rise suddenly how might it be possible that this tribe would actually consume more breadfruit?
What will be an ideal response?
Which of the following is a diversity of industry argument in favor of restrictions on foreign trade? a. Foreign producers must be prevented from exporting their goods below cost of production
b. Domestic workers must be protected from the lower wages paid in foreign countries. c. The nation's security demands we ensure an adequate domestic supply of certain strategic goods. d. Don't have all of your eggs in one basket. e. Industries in the early stages of development must be protected from more mature producers.
Researcher Terry Anderson claims that with respect to the supply of water, trading it would be
a. wrong and counter-productive. b. essentially impossible due to lack of technologies to move the water. c. highly productive and bring cooperation among the traders. d. a problem, since monopolists would come to own too much.
What is the price of cars if this were a closed economy?
A. $14,000/car B. $10,000/car C. $6,000/car D. $8,000/car