The equilibrium wage rate is $10 per hour, and the labor hired at that wage is 100 . If the wage rate rises to $11, market forces will push the wage rate further up
Indicate whether the statement is true or false
F
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Suppose that the quantity of cars demanded exceeds the quantity of cars supplied. We would expect that
A) the price of cars will increase. B) the price of cars will decrease. C) the supply will increase (supply will shift to the right) to meet the demand. D) the demand will decrease (demand will shift to the left) to meet the supply.
Changes in the health of the average person are relatively unimportant as an indicator of changes in the standard of living
Indicate whether the statement is true or false
For the United States since 1950, imports as a percentage of GDP has
A) tripled. B) increased slightly. C) remained constant. D) decreased.
Related to the Economics in Practice on page 176: When there are a few unsold seats in an arena for a rock concert, the marginal cost of filling those seats
A. is probably close to zero. B. is generally quite high. C. will primarily depend on the number of people waiting to get the seats. D. will be negative.