The effects of the national health care program on labor markets will
A) lower the effective wage rate that they must pay for each unit of labor.
B) decrease the marginal revenue product of labor.
C) increase the marginal revenue product of labor.
D) move upward along their downward-sloping marginal-product-of-labor curve.
D
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Sharisse brags to her mother that her starting salary as a management trainee is $36,000, much higher than her mother's starting salary of $21,000 as a management trainee several years ago
If the CPI the year Sharisse begins work is 181.2 and the CPI the year her mother started work was 109.1, Sharisse is A) wrong. Adjusting for price changes, her salary is less than her mother's salary. B) correct. Adjusting for quantity changes, her salary is more than her mother's salary. C) correct. Adjusting for price changes, her salary is more than her mother's salary. D) wrong. Adjusting for quantity changes, her salary is less than her mother's salary. E) maybe wrong and maybe right. Adjusting for quantity changes, her salary is less than her mother's salary but with the information given we are unable to further adjust for price changes.
Economists believe that most people's actions are rational and purposeful, not random and chaotic
a. True b. False Indicate whether the statement is true or false
In a competitive market, profit can be considered a reward to businesses that
a. produce a good that consumers value more highly than its component resources. b. reduce the value of resources used as inputs in production. c. prohibit rival firms from entering the market and competing. d. control costs, rather than following the wishes of consumers when deciding what products to produce.
If an increase in the price of one good causes the demand curve for another good to shift to the left, then the two goods are:
A. substitutes. B. complements. C. normal. D. unrelated.