The percentage of workers whose wages are set by explicit contracts falls. This should
A. have no impact on the movement of the labor market toward equilibrium after a change in the demand for labor.
B. cause the labor market to always be at an equilibrium, even if there is a change in the demand for labor.
C. make it easier for the labor market to reach an equilibrium after a change in the demand for labor.
D. make it more difficult for the labor market to reach an equilibrium after a change in the demand for labor.
Answer: C
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Consumption spending is $4.5 billion, gross private domestic investment is $3 billion, and government expenditures are $2 billion. If GDP is $14 billion, which of the following could be true regarding exports and imports in the economy?
A) Exports are $9 billion, and imports are $6 billion. B) Exports are $15 billion, and imports are $10.5 billion. C) Exports are $6 billion, and imports are $8.5 billion. D) Exports are $4.5 billion, and imports are $2 billion.
Other things remaining unchanged, the longer the time period under consideration, the greater will be the price elasticity of demand
a. True b. False Indicate whether the statement is true or false
About what price per barrel of oil is necessary for biodiesel to become economically viable as an alternative energy source?
A. $30 per barrel B. $50 per barrel C. $100 per barrel D. $80 per barrel
Suppose that you are spending two hours a day studying economics, and your grade is 85 percent. You want a higher grade and decide to study for an extra hour a day. As a result, your grade rises to 90 percent. Your marginal benefit is the
A) 5 point increase in your grade minus the opportunity cost to you of spending the hour studying. B) extra hour per day you spend on studying. C) 5 point increase in your grade. D) three hours per day you spend on studying.