If workers in an industry become less productive, we would expect the supply of workers to increase.
A) supply of workers to increase.
B) supply of workers to decrease.
C) demand for workers to decrease.
D) demand for workers to increase.
Answer: C) demand for workers to decrease.
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A change in consumer preferences will shift the budget line.
Answer the following statement true (T) or false (F)
Which of the following transactions would be included in Japan's current account?
A) A Japanese citizen purchases 50 shares of Google stock. B) An American citizen purchases a new Toyota made in Japan. C) A Japanese citizen purchases a new Toyota made in Japan. D) An American citizen purchases 50 shares of Toshiba stock.
The excess burden of a tax is:
a. the amount by which the price of a good increases. b. the loss of consumer and producer surplus that is not transferred to the government. c. the amount by which a person's after-tax income decreases as a result of the new tax. d. the welfare costs to firms forced to leave the market due to an inward shift of the demand curve.
The more institutional constraints that exist in a particular society,
A) the closer the institutional PPF will lie to the physical PPF. B) the farther out from the origin the institutional PPF will lie. C) the closer to the origin the institutional PPF will lie. D) the closer to the origin the institutional PPF will lie and the farther out from the origin the physical PPF will lie.