Which of the following could cause the supply curve of labor to shift to the right?
a. an increase in wealth
b. a decrease in population
c. a decrease in wages
d. an increase in employment opportunities
e. an increase in the wage rate
D
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The number of satellite dishes increased by 50 percent when the average monthly price of cable TV increased by 10 percent. Assuming that other factors are held constant, satellite dishes and cable TV are classified as:
a. complements. b. unrelated goods. c. substitutes. d. social goods.
The problem of scarcity means that people face trade-offs. Which of the following trade-offs are the concern of microeconomics?
A. Trade-offs faced by firms in what goods to produce B. Trade-offs faced by consumers in the purchase of goods C. Trade-offs faced by workers between work and leisure D. all of the above
An economic model consists of mathematical equations that describe various relationships between economic variables.
Answer the following statement true (T) or false (F)
During the Great Depression in the 1930s unemployment was so bad that nearly ________ of the labor force was unemployed.
A. 1/5 B. 1/4 C. 1/3 D. 1/2