If the demand for labor increased but more slowly than the supply
a. wages would rise
b. wages would fall.
c. there would be an increase in the amount of laborers employed.
d. both (b) and (c) would result.
d
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Demand tends to be more elastic, the greater the number of good substitutes, the greater the fraction of one's income devoted to a product and the greater the time allowed to respond to a price change
a. True b. False Indicate whether the statement is true or false
The first automobile manufacturer to use a division of labor and to use a moving assembly line was
A. Henry Ford. B. Henry Leland. C. Henry Olds. D. Andrew Carnegie.
A computer you are considering for your business would add $4,000 per year to your profit. It would cost $400 a year to buy a complete maintenance contract so that you would never have repair and upkeep expense. The obsolescence depreciation is 25% a year. The going market interest rate is 5%. Assume all costs and revenue occur at the end of the year. If the machine cost $12,000 to purchase, should you buy it?
What will be an ideal response?
An example of expansionary fiscal policy could be
A. to reduce tax rates. B. to increase the nation's money supply. C. to reduce government spending. D. to reduce interest rates.