A government regulation making it very difficult to fire workers will have what effect in the labor market?
a. Demand for workers will decrease.
b. The number of people hired will increase.
c. There will be no effect on the labor market.
d. Companies will fire more people.
a. Demand for workers will decrease.
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If an economy is fully utilizing its resources, it can produce more of one product only if it
A) produces less of another product. B) reduces the prices of the most expensive products. C) adds more people to the labor force. D) doubles manufacturing of the product.
Compared to the 1950s, 60s, and 70s, today we have _______ strikes involving large numbers of workers.
A. substantially more B. somewhat more C. about the same number of D. substantially fewer
A constant-cost industry is more likely to arise in a market where:
A. the industry takes only a small portion of the resources available. B. the industry takes only a large portion of the resources available. C. inputs have very different levels of quality. D. firms have large fixed costs and small marginal costs.
In a market system, the what, how and for whom questions in economics are determined by
A) those who are not in the market. B) buyers and sellers together. C) the central authority. D) no one.