During a recession, output declines result in
A) lower unemployment in the economy.
B) higher unemployment in the economy.
C) no impact on the unemployment in the economy.
D) higher wages for the workers.
B
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Refer to Table 18-1. Suppose a series of votes are taken in which each pair of alternatives is considered in turn. If the vote is between allocating funds to research on Alzheimer's and increased border security
A) Jasmine and Rose vote for Alzheimer's research, Ivy votes for increased border security, and Alzheimer's research wins. B) Ivy and Jasmine vote for Alzheimer's research, Rose votes for increased border security, and Alzheimer's research wins. C) Jasmine and Ivy vote for increased border security, Rose votes for Alzheimer's research, and increased border security wins. D) Ivy and Rose vote for increased border security, Jasmine votes for Alzheimer's research, and increased border security wins.
Many people sell goods through eBay at prices that are higher than the prices they paid for these goods. Economists consider these transactions as
A) examples of exploitation of buyers of the goods by the sellers. B) examples of arbitrage. C) unproductive since the goods sold have been produced in the past. D) examples of zero-sum games, since the value of the goods sold is exactly equal to the prices paid for them.
Suppose a monopsonist hires its second worker and this hiring has a marginal factor cost of $75 per day. If the market wage is now $62.50 per day, what was the first employee earning when she worked alone?
a. $40. b. $45. c. $50. d. $55. e. $60.
Suppose demand increases and supply increases. Which of the following will happen?
a. Equilibrium price will rise, fall, or stay the same while equilibrium quantity will decrease. b. Equilibrium price will rise, fall, or stay the same while equilibrium quantity will increase. c. Equilibrium quantity will rise, fall, or stay the same and equilibrium price will increase. d. Equilibrium quantity will rise, fall, or stay the same while equilibrium price will decrease. e. The change in equilibrium price and quantity cannot be determined.