George believes that the inflation in this year will be around 9% because it was around 9% in the previous year. George can be said to have:
A) rational expectations. B) marginal expectations.
C) adaptive expectations. D) composite expectations.
C
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If the supply of labor ________, real wages rise and the amount of labor employed ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
If the real wage is equal to 8 widgets, and only an integer number of workers can be hired, the Gizmo company should hire
A) 2 workers. B) 3 workers. C) 4 workers. D) 5 workers.
U.S. demand for tertiary labor increases when
(a) the wage rate rises. (b) urbanization proceeds. (c) demand for goods and services decreases. (d) price of output declines.
In the graph above, A is the initial budget line and B is the new budget line. Which of the following changes might have occurred?
A. P1 decreased, P2 was unchanged, income increased. B. P1 increased, P2 decreased, income was unchanged. C. P1 decreased, P2 increased, income was unchanged. D. P1 was unchanged, P2 increased, income decreased.