Since teachers are an input in the production of education, when teacher salaries increase,
A. the demand for education decreases.
B. the supply of education increases.
C. the demand for teachers increases.
D. the supply of education decreases.
Answer: D
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The opportunity cost of something is the gain you receive as a result of your sacrifice
Indicate whether the statement is true or false
In a certain economy, when income is $500, consumer spending is $375 . The value of the multiplier for this economy is 5 . It follows that, when income is $510, consumer spending is
a. $381.67. b. $378. c. $383. d. $383.33.
Which of the following statements is false?
A) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs. B) Each year the United States exports about 50 percent of its wheat crop and 20 percent of its corn crop. C) Most of the leading exporting countries are large, high-income countries. D) Not all sectors of the U.S. economy are affected equally by international trade.
Firms cannot enter an industry in which positive profits are being earned in
A. the short run. B. the long run. C. the short run and in the long run. D. As long as positive profits are being earned, firms can enter the industry in both the short run and the long run.