Suppose that the wage for teachers increases relative to other occupations. We know that ________ people will work as teachers, and the total number of hours worked will ________.
A. more; increase
B. more; decrease
C. fewer; increase
D. fewer; decrease
Answer: A
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An increase in the minimum wage to $15 per hour would lead to
A) an increase in search activity for many workers. B) a decrease in search activity for many workers. C) a decrease in unemployment. D) no change in unemployment. E) no change in employment.
Assume that a health spa can earn an additional $35,000 of revenue each year from advertising every day in a local newspaper. What must the additional cost of this daily advertising be to make this advertising economically rational?
What will be an ideal response?
If, holding the strategies of all other firms constant, no firm can obtain a higher profit by choosing a different strategy, then
A) the firms are using the Cournot model. B) the firms' strategies are a Nash equilibrium. C) the firms must have formed a cartel. D) the firms are using the Bertrand model.
Which of the following activities describes the opportunity cost of attending an economics class?
What will be an ideal response?