Holding other factors constant, if the education and skills of the typical worker in an economy increases, then the real wages of workers will ________ and employment of workers will ________.
A. decrease; not change
B. increase; increase
C. decrease; increase
D. increase; decrease
Answer: B
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To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. The sports equipment consumers' share of this tax would be greater than that shown in the above figure
A) only if the demand was more elastic. B) only if the demand was more inelastic. C) only if the supply was more elastic. D) if either the demand was more inelastic or the supply more elastic.
According to new classical economics, fiscal policy can change equilibrium real GDP only if it changes the price level or one of the determinants of aggregate supply, and people expect this change
a. True b. False Indicate whether the statement is true or false
Nominal federal spending is a
a. good indicator of how responsibility the federal government is b. good indicator of the overall economy's performance c. measure of the public's concern for the educational needs of the country d. warning sign that our governmental officials are sometimes out of control e. misleading measure of government's effect, unless it is seen in the context of the country's income
What happens when the prisoners' dilemma game is repeated numerous times in an oligopoly market? (i) The firms may well reach the monopoly outcome. (ii) The firms may well reach the competitive outcome. (iii) Buyers of the oligopolists' product will likely be worse off as a result
a. (i) and (ii) b. (ii) and (iii) c. (i) and (iii) d. (i), (ii), and (iii)