Wages will tend to be high in labor markets where supply is relatively high and demand is relatively weak.
Answer the following statement true (T) or false (F)
False
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Consider the market for grapes. An increase in the wage paid to grape pickers will cause the:
a. demand curve for grapes to shift to the right, resulting in a higher equilibrium price for grapes and a reduction in the quantity consumed. b. demand curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed. c. supply curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and a decrease in the quantity consumed. d. supply curve for grapes to shift to the left, resulting in a higher equilibrium price for grapes and a decrease in the quantity consumed.
Which of the following goods is the most liquid?
A. Painting by Degas B. Checking account C. Home-baked cookies D. Gold watch
Consider the indifference curve map for nickels and quarters. Assume nickels are on the horizontal axis and quarters are on the vertical axis. The indifference curves for nickels and quarters are
a. straight lines with slope of -1/5. b. straight lines with a slope of -1. c. straight lines with a slope of -5. d. L shaped.
Calculating the value of an economy is more complex than just adding up the value of every single thing that is produced because that would lead to:
A. overcounting, as there is a mark-up in everything that is sold. B. undercounting, as only observable markets can be recorded. C. overcounting, as the value of intermediate products would be counted twice. D. undercounting, as most goods are not sold in retail markets.