If the wages of a dentist increase,
a. so does her opportunity cost of leisure.
b. her hours of labor supplied may increase.
c. her hours of labor supplied may decrease.
d. All of the above are correct.
d
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In the figure above, the economy is at point A when the price level rises to 120. Money wage rates and other resource prices remain constant. Firms are willing to supply output equal to
A) $15.5 trillion. B) $16.0 trillion. C) $16.5 trillion. D) None of the above answers is correct.
In what year was the Bretton Woods system of currency exchange set up?
A) 1912 B) 1924 C) 1944 D) 1969
The price level in the economy is a composite measure reflecting the:
a. rate of change in average prices for the wide range of services produced and consumed in one of the sectors of the economy relative to the price level expected the next year. b. average price of the wide range of goods and services produced and consumed in the economy relative to the price level in a base year. c. rate of change in the price of inputs used to produce the wide range of goods and services in the overall economy relative to the price level in a base year. d. government's cost of procuring resources to produce public goods and services relative to the price level in a base year.
In recent years, the Bank of Canada has
What will be an ideal response?