If the price of output decreases, the labor ________ curve shifts to the ________.
A. demand; left
B. demand; right
C. supply; left
D. supply; right
Answer: A
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Increasing returns to scale result when
A) in the long-run, an increase in inputs will lead to an increase in the average products of inputs. B) in the long run, an increase in inputs will lead to an equivalent increase in output. C) labor becomes more skilled. D) All of the above
The price elasticity of supply is
A) negative. B) zero. C) positive. D) unknown, depending on other factors.
In 2015, U.S. net exports were
a. positive and about 3 percent the size of GDP. b. positive and about 6 percent the size of GDP. c. negative and about 3 percent the size of GDP. d. negative and about 6 percent the size of GDP.
Which of the following groups does not have an interest in restricting free trade?
A. People who buy the imported product. B. Producers in import-competing markets. C. Communities where workers in import-competing markets live. D. Workers in import-competing markets.