Car manufacturers who use robots to do certain jobs on the assembly line are trying to increase supply by
a. lowering input costs
b. taking advantage of government regulation
c. applying new technology
d. increasing the number of producers
Ans: c. applying new technology
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Suppose the market-clearing wage for pizza delivery workers is $7.00 per hour, but a $10.00 per hour minimum wage is enacted. Other things constant, the higher minimum wage tends to
A) increase the supply of pizza delivery workers. B) decrease the quantity demanded of pizza delivery workers. C) create a shortage of pizza delivery workers. D) accomplish all of the above. E) accomplish none of the above.
Unless goods are Giffen goods, own-price elasticities of demand are always negative.
Answer the following statement true (T) or false (F)
In the United States, the working-age population refers to the:
A. civilian, noninstitutional population aged 16 and over. B. civilian, noninstitutional population of those between age 16 and age 64. C. population of those aged 16 and over. D. noninstitutional population of those between ages 16 and 64.
Which of the following statements pertains to macroeconomics?
A. Because the minimum wage was raised, Mrs. Olsen decided to enter the labor force. B. A decline in the price of soybeans caused farmer Wanek to plant more land in wheat. C. National income grew by 2.7 percent last year. D. The Pumpkin Center State Bank increased its interest rate on consumer loans by 1 percentage point.