Which statement(s) are most likely correct about supply?
a. A rise in price almost always leads to an increase in the quantity supplied of that good.
b. A rise in price almost always leads to a decrease in the quantity supplied of that good.
c. A fall in price almost always lead to an increase the quantity supplied.
d. A rise in price almost always leader to an increase in the quantity demanded of that good.
a. A rise in price almost always leads to an increase in the quantity supplied of that good.
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Suppose the U.S. dollar is backed by one-sixth of an ounce of gold and the British pound is backed by one-third of an ounce of gold. The exchange rate between the U.S. dollar and the British pound equals ________ per pound
A) $0.50 B) $1.00 C) $1.50 D) $2.00
All else equal, if job turnover has people leaving jobs and finding new jobs in the same industry, this will
A) decrease the supply of labor, but not change the demand for labor. B) increase the demand for labor and the supply of labor. C) increase the demand for labor and decrease the supply of labor. D) not change demand or supply in the labor market.
Which of the following firms is most likely to use cost-plus pricing?
A) A firm that makes many products but has a small research and development budget, the cost of which can be easily assigned to the different product lines. B) A firm that sells one product and has a sizable research and development budget. C) A firm that makes several products and has a sizable research and development budget, the cost of which cannot be easily assigned to each product. D) A firm that makes one product.
Suppose there are 100 million in the labor force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed is ________ and the new unemployment rate is ________
A) 100.1 million; 5.8 percent B) 100 million; 6.1 percent C) 94.1 million; 5.9 percent D) 93.9 million; 6.1 percent