When robots are used to replace workers on a factory production line, the wage gap between skilled and unskilled workers
a. will increase only if the company can increase the price of its product.
b. is likely to increase.
c. is likely to decrease.
d. will not change.
b
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The income effect implies that there is a positive relationship between
A) income and the unemployment rate. B) the unemployment rate and the inflation rate. C) aggregate supply and aggregate demand. D) monetary growth and interest rates.
In 2008, the United States was in recession. Which of the following things would you not expect to have happened?
a. increased layoffs and firings. b. a higher rate of bankruptcy. c. increased claims for unemployment insurance. d. increased real GDP.
Miniville is an isolated town located on the southern shore of Lake Condescending, a very large lake. The western edge of Miniville is adjacent to impassable mountains and there are no towns or businesses for many miles to the east. The 300 residents of Miniville are evenly distributed along 3 miles of shoreline on the lake, east of the mountains. Lake Shore Drive, the only street in town, provides access to Miniville's homes and businesses. All residents live between the lake and the street; businesses locate on the other side of the street. Lake Shore Drive is 3 miles long, and the points labeled A, B, and C are 1, 2, and 3 miles from the western end of Lake Shore Drive, respectively. All residents of Miniville shop at the store located closest to their homes. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q217g1.jpg" alt="" style="vertical-align: 0.0px;" height="117" width="538" />If one store is located at A and the other store is located at B:
A. exactly half of the people living west of B will shop at the store at B.
B. all of the people living between A and the mountains will shop at the store at A.
C. some, but not all, of the people living east of B will shop at the store at B.
D. exactly half of the people living east of B will shop at the store at B.
Rent-seeking activities are socially wasteful because they use scarce resources but do not add to society's output
a. True b. False