In Figure 10.3, an increase in the supply of labor will cause the equilibrium:
A. wage and hours of labor used to increase.
B. wage and hours of labor used to decrease.
C. wage to increase and hours of labor used to decrease.
D. wage to decrease and hours of labor used to increase.
Answer: D
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Strong growth in the U.S. during the 1990s may have been the result of
a. higher rates of government savings. b. reduced international trade barriers. c. strong labor productivity growth. d. stable inflation. e. All of the above
The economic question of what will be produced is
a. primarily answered by the government in a system of pure capitalism b. primarily answered by markets in a command economy c. faced by all economies regardless of their wealth d. does not have to be answered by economies possessing great wealth e. cannot be illustrated by the economic concept of the production possibilities frontier
Opportunity cost is the value of the next best alternative to a given choice.
Answer the following statement true (T) or false (F)
A downward-sloping portion of a long-run average total cost curve is the result of
a. economies of scale. b. diseconomies of scale. c. diminishing returns. d. the existence of fixed resources.