Refer to the given data. Suppose that the union that provides labor to firms in this market successfully negotiates an increase in the wage rate from $8 to $10. As a result of the wage increase, firms will hire:
A. fewer workers and the total paid out for wages will decline.
B. fewer workers, but the total paid out for wages will increase.
C. fewer workers, but the total paid out for wages will remain unchanged.
D. more capital, if capital and labor are used in fixed proportions in production.
B. fewer workers, but the total paid out for wages will increase.
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Which of the following conditions does not characterize perfect property rights markets?
(a) universality (b) exclusivity (c) sustainability. (d) enforceability.
All railroads were private enterprises with no government influence
Indicate whether the statement is true or false
Suppose you were told that Botswana had few skilled workers, a primitive banking system, and an inefficient and limited electric power industry. You would know that the person was describing was Botswana's problem with
a. its economic infrastructure b. political stability c. its agricultural sector d. its traditional values e. poverty
Suppose an economy produces two goods, food and machines. This economy always operates on its production possibilities frontier. Last year, it produced 1000 units of food and 47 machines. This year, it is producing 1050 units of food and 52 machines. Which of the following events could not explain the increase in output?
a. a reduction in unemployment b. an increase in available labor c. an improvement in technology d. Any of these events could explain the increase in output.