Because technology has automated so many functions, personal services have become cheaper in order to compete.
Answer the following statement true (T) or false (F)
False
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Which of the following are examples of "mediums of exchange"?
A) pigs used to obtain chickens B) goods used to obtain other goods C) money used to buy goods D) all of the above
If Big Scoops, a local ice cream parlor, purchases milk from a grocery store to make their ice cream, this is an example of ________.
A) outsourcing B) forward integration C) using a spot market D) backward integration
The local labor market for lawn-mowing workers is initially in equilibrium. These workers are also able to clean swimming pools and have no preference for one job over the other. If the wage rate for pool cleaning rises, which of the following would occur in the lawn-mowing labor market?
a. Both labor demand and labor supply will drop, leading to a lower wage rate and lower employment. b. Both labor demand and labor supply will rise, leading to a higher wage rate and lower employment. c. Labor supply will drop, leading to a higher wage rate and lower employment. d. Labor supply will drop, leading to a lower wage rate and lower employment. e. Labor demand will drop, leading to a lower wage rate and lower employment.
If households believe their incomes will fall in the future, the result is a
A) rightward shift in the supply of loanable funds curve. B) leftward shift in the supply of loanable funds curve. C) movement along the supply of loanable funds curve. D) movement along the demand for loanable funds curve.