For any competitive labor market, what change would have to occur to cause the labor supply to decrease and shift the supply curve left?
A. Number of firms increases
B. None of these statements is true.
C. Number of workers increases
D. Opportunity cost of work increases
D. Opportunity cost of work increases
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The average price of gasoline in June of 2008 in the United States was $3.79 . This was up by 82 cents from the previous year. Forecasters are expecting a drop in gasoline consumption of about 1% for the first time in 16 years
Even though this is a historic moment what do the figures still demonstrate about the elasticity of demand for gasoline? If the price increases go unabated what is likely to happen to the long-run price elasticity for gasoline and why?
In the market for insurance, low risk customers are not served because
a. They do not like buying insurance b. They are more costly to serve c. Products designed to be attractive to them are also attractive to high risk types. d. All of the above
If MPC = 0.80, how much should government spending change to increase real GDP by $500?
a. -100. b. +80. c. -80. d. +500. e. +100.
Which of the following will be recorded as a debit entry in the balance of trade in merchandise account?
a. A U.S. car manufacturer selling a car to a resident of India. b. A pub owner in Liverpool importing vodka from a U.S. manufacturer. c. A U.S. textile manufacturer buying rawmaterial from farmers in Indonesia. d. A Chinese car manufacturer importing car engines and other spare parts from a U.S. manufacturer. e. A fashion designer from Michigan exporting readymade garments to a dealer in Copenhagen.