Assuming that (1) labor supply is perfectly inelastic (vertical), and (2) immigrants and skilled labor are complements, an increase in unskilled immigrant labor ___________ the real wages of unskilled labor and __________the real wages of skilled labor
a. increases; increases
b. increases; decreases
c. decreases; increases
d. decreases; decreases
c. decreases; increases
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In which decade did the labor force participation rate for women in the United States first rise to above 50%?
A) 1940s B) 1960s C) 1970s D) 1990s
An increase in the price level in the United States will reduce imports and increase exports
Indicate whether the statement is true or false
Which of the following statements is true?
A. The total variable cost curve decreases as output increases. B. Total variable cost is always greater than total fixed cost. C. The total variable cost curve shows the variable costs of production given current factor prices. D. Total variable cost is inversely related to output.
If a rise in the price of good 1 decreases the quantity of good 2 demanded
A) the cross elasticity of demand is negative. B) the cross elasticity of demand is positive. C) good 1 is an inferior good. D) good 2 is an inferior good.