The ________ labor-force participation rate is among prime-age ________.
A. highest; men
B. lowest; men
C. lowest; women
D. highest; women
Answer: A
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Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. What is the equilibrium wage rate and equilibrium employment if there were no illegal immigration?
A. $14 and 142M, respectively
B. $13 and 135M, respectively
C. $14 and 120M, respectively
D. $17 and 135M, respectively
For a given level of inflation, if concerns about future weakness in the economy cause businesses to reduce their spending on new capital, then the ________ shifts ________.
A. short-run aggregate supply line; upward B. aggregate demand curve; left C. short-run aggregate supply line; downward D. aggregate demand curve; right
Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy's cost curves. The current market price is 2 cents per page. With no change in demand and technology, in the long run, the price will
A) remain unchanged. B) rise to 5 cents per page. C) rise to 4 cents per page. D) fall to 1 cent per page.
Figure 14.2 represents the market for used cameras. Suppose buyers are willing to pay $125 for a plum (high-quality) used camera and $25 for a lemon (low-quality) used camera. If buyers believe that all of the used cameras in the market are lemons (low quality), what number of used cameras sold will actually be lemons (low quality)?
A. 10 B. 15 C. 20 D. 25