In the U.S. over the past century, increases in labor
a. supply have outpaced increases in labor demand, causing the average wage rate to fall
b. supply have outpaced increases in labor demand, causing the average wage rate to rise
c. demand have outpaced increases in labor supply, causing the average wage rate to fall
d. demand have outpaced increases in labor supply, causing the average wage rate to rise
e. demand have occurred at the same pace as increases in labor supply, so the average wage rate has remained unchanged
D
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Which of the following is a limitation of GDP?
(a) It doesn't include a measure of the black economy. (b) It doesn't include a value for externalities. (c) It doesn't include a value for voluntary work. (d) All of the above are limitations of GDP.
The firms in a collusive oligopoly ______.
a. encourage new firms to enter their industry b. reduce uncertainty by acting collectively c. act independently of each other d. are long-lived thanks to antitrust laws
If an economy produces 4,000 units of output with a price level of $2 and with a velocity of money of 8, we know that the money supply must be:
A. $8,000. B. $4,000. C. $1,000. D. $2,000.
If demand decreases while supply increases, then the equilibrium price
A. may increase, decrease, or stay the same. B. always increases. C. never changes. D. always decreases.