A labor system whereby a limited number of workers can be certified to work in a particular field but are of higher ability because of the training necessary for certification will cause
A. the supply curve for these workers to become horizontal at some point.
B. the supply for these workers to increase.
C. the demand for these workers to increase.
D. the wage paid to these workers to decrease.
Answer: C
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What is the incentive for a firm to join a cartel?
A) to be able to earn larger profits than if it was not part of the cartel B) to be able to earn profits in the long run but not in the short run C) to produce a larger amount of output than if it was not part of the cartel D) to completely insulate itself from competition
The popular theory prior to the Great Depression that the economy will automatically adjust to achieve full employment in the long run is:
a. supply-side economics. b. Keynesian economics. c. classical economics. d. mercantilism
GDP equals $5 trillion. If consumption equals $3.5 trillion, investment equals $1 trillion, and government spending equals $1.5 trillion, then:
a. exports exceed imports by $1 trillion. b. imports exceed exports by $1 trillion. c. net exports equal zero d. exports exceed imports by $1.5 trillion.
The idea of an accelerator at work in the economy is associated with the
a. innovation cycle b. housing cycle c. external cycle d. internal cycle e. investment cycle