Economic theory suggests that the standard of living of American workers would rise if
a. technological change increased output per worker.
b. the minimum wage were doubled.
c. automation were outlawed.
d. a larger proportion of the labor force was unionized.
A
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Open-market operations are:
A. sales or purchases of government securities, by the Fed, to or from banks on the open market. B. regulations that set the minimum fraction of deposits banks must hold in reserve. C. operations that allow any bank to borrow reserves from the Fed at a special interest rate, called the discount rate. D. the purchase and sale of financial instruments on the open market.
All of the following, except one, would shift the demand curve for pizza makers to the right. Which is the exception?
a. a decrease in the wage rate of pizza makers b. an increase in the demand for pizza c. a decrease in the price of pizza ovens d. an increase in the number of pizza parlors e. an improvement in the technology of making pizza
Which of the following statements best characterizes Say’s law?
a. Supply does not automatically create an adequate demand. b. Wages and prices are inflexible downward. c. All income generated from output is used to buy goods and services. d. Full employment cannot be maintained for a long period of time.
Economics is the study of how
A) people become selfish. B) preferences are determined. C) psychology influences preferences. D) people make choices.