Which of the following decreases in labor demand is due to a change in product demand?
A. An increase in the price of paper increases the cost of making books, thus decreasing the demand for bookbinders
B. The widespread availability of news on the Web reduces the demand for newspaper workers
C. An increase in the price of steel increases the cost of producing cars and trucks, thus decreasing the demand for automobile workers
D. A decline in productivity in retailing decreases the demand for retail sales workers
B. The widespread availability of news on the Web reduces the demand for newspaper workers
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Which of the following is an example of a product that is made available through public provision?
i. local police protection ii. public schools iii. local fire department A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
The above figure shows the market for neckties after the government has imposed a tax. How much deadweight loss results from this tax?
A) $250.00 B) $200.00 C) $150.00 D) $50.00
What is the maximum amount a bank can lend?
A) its total reserves B) its excess reserves C) its excess reserves divided by the required reserve ratio D) the value of its checkable deposits times the required reserve ratio
The short run Phillips curve illustrates:
A) The increase in wage rates relative to the increase in the general price level. B) The trade-off between the unemployment rate and the inflation rate. C) The unemployment rate relative to the civilian labor force. D) None of the above.