The demand for LED TVs increases. As a result
A) the wage rate in the LED TV industry increases and the quantity demanded of workers increases.
B) the wage rate in the LED TV industry increases and the quantity supplied of workers increases.
C) the demand for labor increases and the supply of labor also increases, leaving wages unchanged.
D) the demand for labor increases, but since the supply curve of labor is perfectly elastic, the wage rate does not change.
Answer: A
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In 2015, the level of U.S. real GDP was more than four times its 1965 level
a. True b. False Indicate whether the statement is true or false
You can drive to campus, take a bus, or walk. Driving costs you $1/mile in gas and maintenance, the bus costs $1 for unlimited distance, and walking is free but involves a disutility equivalent to $1/mile. If you live 2 miles from campus, and are a rational decision maker, what is your reservation price for a bus ticket?
A. $1 B. $2 C. $4 D. $0
Real standards of living can only go up with positive economic growth.
What will be an ideal response?
If a price is demand determined, then
A. the demand curve must be upward sloping. B. the demand curve must be vertical. C. the supply curve must be vertical. D. the supply curve must be horizontal.