If new production technology is put into practice that allows workers to increase their productivity and process more chickens per hour, then the real wage of unskilled workers in poultry processing plants is predicted to ________ and the employment of unskilled workers in poultry processing plants is predicted to ________.
A. increase; decrease
B. decrease; decrease
C. increase; not change
D. increase; increase
Answer: D
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Assuming that firms do not collude, compare the market outcome under oligopoly with the outcome under perfect competition
What will be an ideal response?
The largest component of aggregate demand is
a. investment spending. b. consumer spending. c. government spending. d. total imports.
If production of a good creates external benefits, a competitive market will likely produce
a. less output than would maximize profit. b. more output than would maximize profit. c. less output than is efficient. d. more output than is efficient.
Present discounted value refers to the
A. Value today of future payments adjusted for inflation. B. Value today of future payments adjusted for interest accrual. C. Value today of future payments adjusted for risk. D. Future value of today's dollars.