The price of a good will tend to rise when
What will be an ideal response?
there is excess demand for the good.
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All of the following will cause a shift in the supply of jeans EXCEPT
a. a decrease in the prices of jeans. b. a decrease in the number of jean manufacturers. c. an increase in the cost of producing jeans. d. a per-unit government subsidy on the production of jeans.
A union can achieve higher wages without accepting lower levels of employment of members by
A) striking. B) increasing the productivity of its members. C) increasing the amounts of imports. D) increasing the difficulty of its apprenticeship program.
If the capital stock increases faster than employment, then we would expect
a. both output and labor productivity to rise b. output to rise but labor productivity to fall c. both output and labor productivity to fall d. output to fall but labor productivity to rise e. output to rise but labor productivity to remain unchanged
The presence of adverse selection in a market causes:
A. some transactions to fail to take place. B. market failure. C. a deadweight loss. D. All of these statements are true.