If the real wage is above the equilibrium real wage, there would be a ________ of workers and the real wage would ________
A) surplus; decline
B) surplus; rise
C) shortage; decline
D) shortage; rise
A
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New growth theory asserts that ________ will lead us to greater productivity and economic growth
A) nothing B) new machinery C) leisure time D) unlimited wants E) government regulation
The supply of dollars in the foreign exchange market decreases and that means that the supply curve of dollars shifts leftward if
A) the U.S. interest rate differential decreases. B) the expected future exchange rate rises. C) the exchange rate for the dollar rises. D) the U.S. interest rate decreases.
Learning by doing will result in
A) an upward sloping long-run average cost curve. B) a larger long-run marginal cost than long-run average cost. C) a rotation in the isocost curves. D) lower long-run costs than short-run costs.
If a product which costs $8 is sold at $10, the profit margin is
A) $2. B) 25%. C) 20%. D) None of the above