The wages of house painters will tend to rise when
a. more people recognize that house painters have very low incomes.
b. the alternative earning opportunities of house painters improve.
c. house painters can no longer find good paying alternatives for their labor.
d. unemployment in the economy is high and there are few alternative jobs available for house painters.
B
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The American Recovery and Reinvestment Act of 2009 was introduced in the hope of:
A. reducing government spending. B. achieving a balanced budget. C. providing healthcare to the uninsured. D. shortening the Great Recession.
Economic theory indicates that the amount consumed of a natural resource depends on
a. the price of the resource. b. consumer income. c. the price of substitute resources. d. all of the above.
Suppose that the share of population employed in Country B is 50 percent, and that Countries B and C have the same real GDP per capita. Based on the information in the table, what share of Country C's population must be employed? CountryPopulation (millions)Average Labor Productivity ($)A1002,000B15010,000C7525,000D25050,000E9560,000
A. 20.0 percent B. 40.0 percent C. 50.0 percent D. 5.0 percent
The law of increasing additional costs is due to
A) government regulations. B) technological improvements. C) the fact that it is more difficult to use resources efficiently the more society produces. D) the fact that resources are not perfectly adaptable for alternative uses.