What is the best description of Northern wages from 1860-1864?
a. A relatively large decrease in demand relative to the decrease in supply led to lower wages and fewer people working.
b. An increase in the demand for labor and decrease in the supply of labor led to lower wages and fewer people working.
c. Increases in both the demand and supply for labor led to more people employed who were working for about the same wages.
d. A decrease in the demand for labor coupled with an increase in the supply led to many fewer people working, but those who were employed worked for higher wages.
a. A relatively large decrease in demand relative to the decrease in supply led to lower wages and fewer people working.
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Using the data in the above table, the equilibrium quantity and equilibrium price for a cellular telephone is
A) 50 thousand and $100. B) 80 thousand and $80. C) 60 thousand and $50. D) 40 thousand and $20.
Referring to Situation #1 suppose that you can now hire two workers. What is the opportunity cost of the second executive's work from the viewpoint of the company? Explain
What will be an ideal response?
One problem with NAFTA that is not shared by other trade blocs is that
A) national environmental laws differ greatly. B) the countries are at very different stages of economic development. C) the countries speak different languages. D) the countries are not natural trading partners. E) the United States and Mexico have a history of conflict.
The Bretton Woods system was expected to be more stable than the gold standard because
A) the world supply of gold had increased greatly by the time the Bretton Woods system was established. B) large trade deficits and surpluses would be unlikely to occur under the Bretton Woods system. C) fewer countries were involved in the Bretton Woods system than had been involved in the gold standard. D) the IMF was set up to be a lender of last resort.