As the baby boomers in America grow old, the demand for health-care workers increases. This would be an example of which determinant of labor demand?
A. A decrease in the price of another resource.
B. An increase in product demand.
C. An increase in labor productivity.
D. An increase in the price of another resource.
Answer: B
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The cost of two inputs A and B are $100 and $200 per unit per month. A firm can afford to invest $10,000 per month on these inputs. The firm uses 30 units of A. Given a linear isocost such that the entire budget is exhausted, the firm will use 10 units of B
Indicate whether the statement is true or false
The "standard of deferred value" function of money means it is:
a. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services. b. Asset people can use to accumulate wealth. c. Barter value of a product for which a nation has a comparative advantage. d. Asset individuals get for goods and services and then use later to purchase other goods and services. e. The unit in terms of which people write contracts.
Which of the following statements is true?
A. In a command economy, consumers answer the questions of what to produce, how to produce it, and how to distribute it. B. In command economies consumers still exercise choice. C. Planned economies have fared very well in recent years, with many of these economies thriving. D. Command economies operate the most efficiently because the government makes all the production decisions.
When the exchange rate between pounds and dollars moves from $2 = 1 pound to $1 = 1 pound, we say that the dollar has:
A. Depreciated B. Appreciated C. Inflated D. Deflated