If large numbers of young Americans thought the life of a cowhand was great (despite the hardships), we would expect
a. an increase in the wages of cowhands.
b. a decrease in the wages of cowhands because demand would be reduced.
c. no impact on wages, which are determined by supply and demand, not preferences.
d. a decrease in the wages of cowhands because supply would be enlarged.
d. a decrease in the wages of cowhands because supply would be enlarged.
You might also like to view...
Opportunity cost is the difference between the nominal and real cost of some action
Indicate whether the statement is true or false
To economists, scarcity means that
A) the number of people without jobs rises when economic times are bad. B) unlimited wants cannot be satisfied by the limited resources. C) limited wants cannot be satisfied by the unlimited resources. D) there can never be answers to the what, how or for whom questions. E) a person looking for work is not able to find work.
Cost-push inflation starts with
A) an increase in potential GDP. B) a decrease in aggregate demand. C) a decrease in aggregate supply. D) an increase in aggregate supply. E) an increase in aggregate demand.
Monetary policy has a greater impact in an open economy than it does in a closed economy
Indicate whether the statement is true or false