As the real wage increases, the quantity of labor demanded ________ and the quantity of labor supplied ________.
A. increases; increases
B. decreases; decreases
C. decreases; increases
D. increases; decreases
Answer: C
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Farmers rotate their crops between corn and soybean to increase crop yields. This behavior exhibits
a. Economies of scale b. Economies of scope c. Diseconomies of scale d. Diseconomies of scope
In the 1970s, in response to recessions caused by an increase in the price of oil, the central banks in many countries increased their money supplies. The central banks might have done this by
a. selling bonds on the open market, which would have raised the value of money. b. purchasing bonds on the open market, which would have raised the value of money. c. selling bonds on the open market, which would have raised the value of money. d. purchasing bonds on the open market, which would have lowered the value of money.
A law that restricts plant closings will
A. provide useful market signals to all parties in the industry. B. prevent resources from flowing to their highest-valued uses. C. make the economy more efficient by slowing down the movement of resources to a more optimal rate. D. make the economy more efficient by reducing poor decisions on the part of entrepreneurs.
The statement "Every contract, combination in the form of a trust or otherwise, or conspiracy, in restraint of trade or commerce . . ." is found in the
A. Interstate Commerce Commission Act. B. Sherman Antitrust Act. C. Clayton Antitrust Act. D. Robinson-Patman Act.