An increase in the wage rate of diamond cutters will increase the supply of cut diamonds.
Answer the following statement true (T) or false (F)
False
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Production by Honda, a Japanese firm, in the United States is included in ________ GDP and production by Nike Corporation, a U.S. firm, in Vietnam is included in ________ GDP
A) U.S.; U.S. B) Japanese; Vietnamese C) U.S. and Japanese; U.S. and Vietnamese D) Japanese; U.S. E) U.S.; Vietnamese
The real wage rate is $35 an hour. At this wage rate there are 100 billion labor hours supplied and 200 billion labor hours demanded. There is a
A) shortage of 300 billion hours of labor. B) shortage of 100 billion hours of labor. C) surplus of 100 billion hours of labor. D) surplus of 300 billion hours of labor. E) shortage of 200 billion hours of labor.
What is the reason behind the popularity of auctions among consumers?
What will be an ideal response?
The average total cost of a firm is calculated by: a. dividing total cost of the firm by the quantity of output produced
b. multiplying the total cost of the firm by the quantity of output produced. c. dividing the total cost of the firm by the price of its output. d. multiplying the total cost of the firm by the price of its output.