Consider the demand for labor in the computer chip industry. The demand for labor
A) is derived from the demand for computer chips.
B) is shown by a perfectly elastic demand for labor.
C) is shown by a perfectly inelastic demand for labor.
D) has a demand curve that is backward bending.
A
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A stimulus to aggregate demand will normally pull prices up but cause a reduction in output
a. True b. False Indicate whether the statement is true or false
A recent college graduate with a major in economics attends a job fair but has not yet found a job. This graduate is counted as a:
What will be an ideal response?
A small country imports T-shirts. With free trade at a world price of $10, domestic production is 10 million T-shirts and domestic consumption is 42 million T-shirts. The country's government now decides to impose a quota to limit T-shirt imports to 20 million per year. With the import quota in place, the domestic price rises to $12 per T-shirt and domestic production rises to 15 million T-shirts per year. If the government auctions the import licenses, the national well-being will ________ by
A. decrease; $12 million. B. decrease; $5 million. C. increase; $65 million. D. increase; $40 million.
Those who believe that "there is no such thing as bad publicity" base this argument on which of the following ideas from behavioral economics?
A. That the recognition heuristic will overcome any negative emotional associations. B. That the recognition heuristic will prevent people from incorporating negative information into their decision-making process. C. That framing effects will diminish the negative emotions associated with most bad publicity. D. That self-serving biases will make people "look the other way" and ignore bad publicity.