Assume that the graph below describes the current labor market for nurses in a mid-sized city and that the labor market is perfectly competitive.
If supply shifts from S0 to S1 and demand shifts from D0 to D1, then the equilibrium wage will ________, and the equilibrium number of nurses will ________.
A. increase; increase
B. stay the same; increase
C. increase; stay the same
D. stay the same; stay the same
Answer: C
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European households wishing to purchase shares of stock in an American company are ________ the foreign exchange market.
A. demanders of Euros in B. demanders of U.S. dollars in C. suppliers of U.S. dollars in D. supplied dollars by the European Central Bank for use in
Among the most important indicators used by the NBER Business Cycle Dating Committee to determine the beginning of the 2007-2009 recession were all of the following except:
A. industrial production. B. total sales in manufacturing, wholesale trade, and retail trade. C. nonfarm employment. D. the consumer price index.
The sun is an example of:
a. a natural resource. b. capital. c. labor. d. none of these.
John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. John expects the value of his earnings to be ________ if he expands and ________ if he does not expand.
A. $320,000; $200,000 B. $170,000; $50,000 C. -$30,000; $200,000 D. $120,000; $200,000