Which of the following summarizes the impact of population growth on the labor market?
A) This will increase the labor supply, reduce the equilibrium wage and increase the quantity of labor demanded.
B) There will be an increase in both the demand for labor and the supply of labor. As a result, the equilibrium wage will not change.
C) There will be an increase in the demand for labor. As a result, the wage rate will rise and the quantity of workers supplied will decrease.
D) There will be an increase in the demand for jobs. This will result in an increase in the equilibrium wage rate and a movement along the labor supply curve.
A
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From the expected value of a game, we
A) cannot determine the risk. B) can determine the risk. C) can determine exactly how much a player will receive. D) can infer the subjective probabilities of each possible outcome.
A market failure in the form of an externality arises when
a. production costs are included in the price of a good b. not all costs and benefits are included in the price of a good c. the benefits of consuming a good exceed the costs d. a market fails to achieve equilibrium e. equilibrium price is unstable
When a patent is awarded, no one but the patent owner may produce the invention without his permission
a. True b. False Indicate whether the statement is true or false
Which of the following reflects an increase in unemployment?
A) an increase in the labour force participation rate B) an increase in the involuntary part-time rate C) a decrease in the unemployment rate D) an increase in the employment-to-population ratio E) none of the above