If the demand for workers with doctorate degrees in economics increases, we would expect
a. the wages of economists to increase in the short run and the number of economists employed to increase in the long run.
b. the supply of economists to increase in the short run and their wages to rise in the long run.
c. a rapid increase in the supply of economists, causing wages to remain constant.
d. the wages of economists to decrease in the short run and the number of economists employed to increase in the long run.
A
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The General Agreement on Tariffs and Trade and the World Trade Organization have resulted in
A) termination of export subsidies applied to manufactured goods. B) termination of import tariffs applied to manufactures. C) termination of import tariffs applied to agricultural commodities. D) termination of international theft of copyrights. E) a number of rounds of multilateral trade agreements.
In a Bertrand model, if one firm has a dominant strategy, its best-response function
A) does not exist. B) is identical to its rival. C) is a constant. D) is to respond to its rival's price increase with a price decrease.
Table 10-1 Aggregate Quantity Aggregate Quantity ? Demanded Supplied Price (billions) (billions) Level $3500 $2900 65 3400 3000 75 3350 3150 90 3250 3250 110 3100 3400 130 In Table 10-1, if full employment occurs at $3,400 billion, then
A. the economy experiences a recessionary gap of $75 billion. B. the economy experiences a recessionary gap of $150 billion. C. the economy experiences an inflationary gap of $75 billion. D. the economy experiences an inflationary gap of $150 billion.
The monopsonist faces the entire _____ curve of labor.
A. supply B. demand C. demand curve and supply