Most economists agree that the? above-market wage paid in unionized industries significantly increases the unemployment rate in the United States.
a. true
b. false
b. false
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Which of the following is an example of a resource?
a. Land b. Capital c. Entrepreneurship d. All of the above are resources
The low-income countries in the world, many of them located in Africa and Asia, often have GDP per capita of less than __________ per year.
a. $30,000 b. $10,000 c. $5,000 d. $2,000
The resource cost falls in a purely competitive industry. This change will result in a(n):
A. Increase in marginal cost for firms in the industry and an increase in the industry supply curve B. Decrease in marginal cost for firms in the industry and a decrease in the industry supply curve C. Decrease in marginal cost for firms in the industry and an increase in the industry supply curve D. Increase in marginal cost at each output level for firms in the industry and an increase in the industry supply curve
In Likpe Mate, one of the Paramount seat villages within the newly created region, Oti Region, the sellers have agreed among themselves to sell food items in turns. Thus, if one-person cook waakye today, she has to wait for the next three days for others to also sell similar waakye before selling same waakye again. Due to such arrangement among the sellers in the village, consumers are complaining of high prices of food despite the village being a farming community. Should the people of Likpe Mate adopt ‘free competitive market’ as proclaimed by economists? Discuss