Which of the following will lead to a decrease in the gross domestic product of a country?
A) An increase in the expenditure on investment
B) An increase in exports
C) A decrease in the expenditure incurred by the government
D) A decrease in imports
C
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When the federal government makes no attempt to take corrective action, markets return a recessed economy to full employment levels of production by
(a) laying off workers. (b) lowering wages. (c) dropping prices. (d) doing all of the above.
Which of the following groups would have the lowest unemployment rates?
a. high-school dropouts b. married men c. nonwhite teenagers d. nonwhite women
When personal computers became popular, several new firms entered the competition. What effect did this have on supply?
A. Increase in the quantity supplied B. Decrease in the quantity supplied C. Shift of the supply curve to the left D. Shift of the supply curve to the right
The long-run market solution to a wage that is so low that workers cannot survive is:
A. the starvation of some low-wage workers until the supply of labor shifts to the left and the wage for survivors increases to above subsistence. B. the reallocation of scarce resources to those who need it the most. C. government intervention into the market to establish a minimum wage so that all workers earn at least a subsistence wage. D. the reallocation of property rights, reducing the wage of some but increasing the wage for those earning a below-subsistence wage.