Suppose that technological progress increases the productivity of teachers. Which of the following accurately describes the labor market for teachers after the technological change? Equilibrium wages will
a. rise, and the equilibrium quantity of teachers employed will fall.
b. rise, and the equilibrium quantity of teachers employed will rise.
c. fall, and the equilibrium quantity of teachers employed will fall.
d. fall, and the equilibrium quantity of teachers employed will rise.
b
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Empiricism refers to using ________ to analyze the world
A) data B) beliefs C) traditions D) value judgments
A small open economy would typically enjoy a higher trade balance if, in the domestic economy, ________
A) autonomous consumption expenditures decrease B) taxes go up C) government spending decreases D) all of the above E) none of the above
In a competitive industry
a. firms sell more if price is above marginal cost b. firms sell more is price is below marginal cost c. firms sell less if price is above marginal cost d. none of the above
Refer to the given data. When plotted on a graph, the vertical intercept of the consumption schedule in economy (3) is _____ and the slope is _____.
Answer the question on the basis of the following consumption schedules. DI signifies disposable income and C represents consumption expenditures. All figures are in billions of dollars.
A. minus $2; .9
B. $2; .18
C. $100; .5
D. $2; .9