During war, the remuneration and other benefits provided to soldiers increased substantially to attract young individuals from different private security jobs to the armed forces. This wage differential was created by:
a. a labor union
b. efficiency wages.
c. labor shortages.
d. discrimination.
c
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If preferences are transitive, indifference curves
A) intersect at the optimum consumption bundle. B) do not intersect. C) intersect where the marginal rate of substitution for each indifference curve is equal. D) intersect at the equilibrium consumption bundle.
An inward shift of the demand curve for a product causes outward shifts in the demand curves for all the factors used to produce the product
a. True b. False Indicate whether the statement is true or false
Which of the following items are included in GDP?
A. unemployment benefits B. used cars C. newly built homes D. all transactions involving bonds
The learning curve suggests that an individual will
A. have an income that falls over time. B. be subject to frequent spells of unemployment. C. gain experience and increase productivity over time. D. receive the same income throughout a career.