One trend in labor markets is:
A. weak rates of job creation in the United States since 1980.
B. an increase in the rate of real wage growth since the early 1970s.
C. a decrease in average real wages in the United States and other industrial countries.
D. increasing wage inequality in the United States.
Answer: D
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Patrick lives near two gas stations, Exxon and Shell. If Exxon decreases the price of gas, we predict that the quantity of gasoline demanded at Shell will
A) decrease because Exxon and Shell gas are complements. B) decrease because Exxon and Shell gas are substitutes. C) increase because Exxon and Shell gas are substitutes. D) increase because Exxon and Shell gas are complements. E) not change Exxon and Shell are different brands of gasoline.
According to the graph shown, if a firm is producing at Q3:
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
A. profits are being maximized.
B. average total costs exceed the market price.
C. the firm should expand production.
D. marginal revenue is greater than marginal cost.
"It doesn't hurt to get more information . . ." is good advice
a. especially when the opportunity cost of acquiring the information is high b. when information is less than perfect c. only if the marginal benefit of information is greater than the marginal cost of information d. only if the marginal benefit of information is equal to the marginal cost of information e. only if the marginal benefit of information is less than the marginal cost of information
If workers and firms forecast inflation accurately,
a. the aggregate supply curve will be vertical. b. the real wage will not decline as the price level rises. c. workers will not lose from inflation, and firms will not gain. d. All of the above are correct.