Suppose a new technology is developed that increases the productivity of labor. You would expect
A. the wage rate to fall, since employers will want less labor.
B. the demand for labor to fall.
C. the demand for labor to rise.
D. an increase in unemployment as firms replace labor with technology.
Answer: C
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If the consumer price index in 2007 is 25 times that of 1860, and a slave cost $2,000 in 1860, how much is that in terms of 2007 dollars?
a. $12,500 b. $25,000 c. $50,000 d. $75,000 e. $750,000
___________ is the best day to find low fares. This is a departure from the conventional wisdom of recent years, when _________ was considered the best bet.
Fill in the blank(s) with the appropriate word(s).
Traveler's checks are not considered to be money because they are not valid unless signed.
Indicate whether the statement is true or false.
The labor market in professional baseball is an example of
A) a bilateral monopoly. B) a monopsonistic labor market. C) a monopolistic labor market. D) a perfectly competitive labor market.