Penalties on sellers
What will be an ideal response?
- Decrease in supply; leftward shift of supply curve
Add cost of breaking law + min price drug dealers are willing to accept
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Who was the economist who first analyzed the advantages of specialization and the division of labor?
A) Adam Smith B) Ronald Coase C) Arthur C. Pigou D) David Ricardo
Suppose the majority of the shares of Ford stock were sold to a Japanese firm. Assuming all else remains constant, this will
A) increase the balance of the U.S. current account. B) increase foreign direct investment in the United States. C) decrease net portfolio investment in the United States. D) increase the balance of the U.S. financial account. E) create a capital outflow in the United States.
The wages for Nike workers increases. At the same time, we see the price for Adidas shoes increase. How does this affect the market for Nike shoes?
a. The demand curve will shift to the left; the supply curve will shift to the left b. The demand curve will shift to the left; the supply curve will shift to the right c. The demand curve will shift to the right; the supply curve will shift to the left d. The demand curve will shift to the right; the supply curve will shift to the right
Marginal product of labor is:
a. the extra output produced by an additional worker, all else unchanged. b. the extra wage earned by an additional worker, all else unchanged. c. the total output produced when an extra worker is hired. d. the total revenue earned when an extra worker is hired.