An increase in the supply of musicians ________ the number of musicians employed, and ________ the wages paid to musicians.
A. increases; increases
B. increases; decreases
C. decreases; increases
D. decreases; decreases
Answer: B
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Answer the next question on the basis of the following national income data for the economy. All figures are in billions of dollars.Personal consumption expenditures$400Government purchases128Gross private domestic investment88Net exports7Net foreign factor income0Consumption of fixed capital43Taxes on production and imports50Compensation of employees369Rents12Interest15Proprietors' income52Corporate income taxes36Dividends24Undistributed corporate profits22Statistical discrepancy0The gross domestic product for the above economy is ________.
A. $623 B. $609 C. $592 D. $584
Producer surplus is always the total area below the price and above the supply curve
a. True b. False Indicate whether the statement is true or false
The expectation of a lower inflation rate will cause: a. the short-run Phillips curve to become vertical
b. the short-run Phillips curve to shift leftward. c. a movement down along a short-run Phillips curve. d. the short-run Phillips curve to shift rightward.
Dividing (P x Q) by V2 times gives:
a. A stock value b. A flow value. c. Neither a stock nor a flow value. d. Real GDP