Nebraska had an unseasonable cold winter requiring more salt for the roads than normal. If the supply does not change what would happen to the market for salt?
A. The increased demand but no change in quantity supplied causes a surplus of salt.
B. There will be more suppliers of salt at every price.
C. The increased demand but no change in quantity supplied causes a shortage of salt.
D. There is no change in the market.
Answer: C
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Trade in services such as information technology
A) is like other trade, it creates winners and losers, but the gains for national economies likely outweigh the costs. B) creates gains for India's economy, but national welfare losses for the countries that import these services. C) make it highly likely that information technology jobs will ultimately disappear in the industrialized countries. D) is not perceived as threatening by industrialized countries so is unlikely to lead to any protectionist sentiment or pressures in the way the manufacturing does.
The weight of empirical evidence suggests that in the United States, the real wage rate is
A) acyclical. B) bicyclical. C) procyclical. D) countercyclical.
Work is an attractive use of your time
a. if the utility of consumption made possible by work exceeds the disutility of work itself b. whenever you are paid a wage equal to or greater than the minimum wage c. whenever you derive utility from the consumption made possible through work d. unless time spent working is a source of disutility e. only when marginal utility is negative for an additional unit of leisure
Full employment is defined by all economists as precisely 5 percent of the labor force
a. True b. False Indicate whether the statement is true or false