If the wage rate were $335, how many workers would be hired?
Answer: 3
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In the long run, an increase in the quantity of money leads to
A) a smaller percentage increase in the real interest rate. B) a smaller percentage increase in the price level. C) an equal percentage increase in the price level. D) no effect on the price level or on real GDP. E) an equal percentage increase in the real interest rate.
When one country can produce a good more efficiently than another country:
A. that country should produce that good and be the sole "winner" of trade. B. that country can specialize in that good and choose only to export goods. C. both can specialize in the industry in which they have comparative advantage and experience mutual gains. D. that country has no basis for trading with another nation.
Suppose that you are an economist working for the United States government and are asked to defend the level and growth of government spending. What information could you use to your advantage?
Which group is most likely to be adversely affected by the importation of foreign steel?
A. Domestic steelworkers. B. Consumers of domestic automobiles for which steel is an input. C. Foreign steel producers. D. Domestic automobile workers.