Which of the following would result in a short-run increase in the wage rate in a competitive labor market?
A. an increase in immigration
B. a decrease in labor demand
C. an increase in the output price
D. a decrease in productivity
E. an increase in native labor supply
Answer: C
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Is it possible in the present to produce at a point that is outside the production possibilities frontier? Why or why not? With the passage of time how might a point outside the present production possibilities frontier be possible?
What will be an ideal response?
The new federal government's national health care program imposes the following regulations on health care insurers EXCEPT
A) health insurers must cover all who apply, including people who already have health problems. B) all new plans must cover certain preventive services such as mammograms and colonoscopies but must be paid 100% by patients. C) a ceiling is imposed on the rate of increase in health insurance prices charged to elderly people. D) insurance companies will be prohibited from imposing lifetime dollar limits on essential benefits, like hospital stays.
Blanket standards on imports usually address issues affecting:
A. domestic consumers. B. domestic producers. C. foreign production practices. D. They can be used to address any of these.
Which of the following would most likely be defined as a final good?
A. a smartphone B. lumber C. iron ore D. wheat