When individuals increase their personal wealth through production and exchange, they
What will be an ideal response?
increase the wealth of others.
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The unemployment rate is the ________ who are unemployed
A) number of people in the labor force B) percentage of people in the labor force C) percentage of people in the country D) percentage of the working-age population
If the relative price of S in terms of T is 2 and S has a nominal price of $1, then the nominal price of T is
A) $2. B) 50 cents. C) 1/2 S. D) Need more information to answer.
The experience of disintermediation in the banking industry illustrates that
A) more regulation of financial markets may avoid such problems in the future. B) banks are unable to remain competitive with other financial intermediaries. C) consumers no longer desire the services that banks provide. D) markets invent alternatives to costly regulations.
In a competitive labor market, if the supply of labor decreases, wages will:
A. increase. B. decrease. C. remain the same. D. drop to zero.