A change in a price of a substitute input for labor will cause
A. a change in the demand for labor in the same direction of the price change.
B. a change in the supply of labor in the opposite direction of the price change.
C. no change in the demand for labor.
D. a change in the demand for labor in the opposite direction of the price change.
Answer: A
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Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. At a price of $6, the quantity demanded in the market would be
A) 87 lbs. B) 95 lbs. C) 103 lbs D) 215 lbs.
Which of the following statement(s) best describes trade-offs?
a. The trade-offs in many production possibilities frontiers are represented by a straight line because the law of diminishing returns holds that as resources are added to an area, the marginal gains tend to diminish. b. The trade-offs in many production possibilities frontiers are represented by a curved line because the law of diminishing returns holds that as resources are added to an area, the marginal gains tend to increase. c. The trade-offs in many production possibilities frontiers are represented by a straight line because the law of diminishing returns holds that as resources are added to an area, the marginal gains tend to increase. d. The trade-offs in many production possibilities frontiers are represented by a curved line because the law of diminishing returns holds that as resources are added to an area, the marginal gains tend to diminish.
The accounting identity for the economy’s factor payments can be written as ____.
A. GDP = wages + interest + rents + profits B. GDP = consumption + investment + government + intermediate goods + net exports C. GDP = wages + interest + rents + net exports D. GDP = wages + interest + rents + saving + investment
Recall the Application about the price competition between satellite and cable TV services to answer the following question(s).Recall the Application. The introduction of satellite TV service is a form of:
A. price gouging. B. profiteering. C. market entry. D. All of these.