A technological advance that increases labor productivity will:
a. lower wages.
b. decrease the demand for labor as fewer workers are needed.
c. decrease the supply of labor as fewer workers are needed.
d. increase the demand for labor as MP rises.
e. decrease the demand for labor as MP falls.
d
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Discrimination ________ the group being discriminated against and ________ the group being favored
A) decreases the demand for; increases the demand for B) increases the demand for; decreases the demand for C) decreases the supply of; increases the supply of D) increases the supply of; decreases the supply of
If a Thai citizen borrowers dollars for a few months, hedging should take place if
a. the dollar is expected to fall in value over that time b. the dollar is expected to rise in value over that time c. the dollar is expected to fluctuate considerably over that time d. the dollar is expected to remain stable over that time e. none of the above
Most economists estimate that the U.S. factor of production most likely to be hurt by the formation of the NAFTA is unskilled U.S. labor
Indicate whether the statement is true or false
"Now that Terrance paints the broad surfaces and I do the trim work, we can paint a house in three-fourths the time that it took for each of us to do both." This statement most clearly reflects
a. the importance of secondary effects. b. the fallacy of composition. c. the law of comparative advantage. d. behavior inconsistent with economizing.