An increase in wages raises the opportunity cost of leisure and leads to an increase in the quantity of labor supplied
Indicate whether the statement is true or false
TRUE
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Discuss three possible solutions for reducing traffic congestion on freeways. Be sure to explain what effect each would have on the supply and/or demand for freeway space
According to economists, one of the signs of an unhealthy economy is a(n)
A. rising labor productivity. B. increasing real GDP. C. declining real GDP. D. declining unemployment.
Between the U.S. and Nepal, Nepal invests less in new factories and equipment. This will likely cause
A. the U.S.'s production possibilities frontier to shift outward faster than Nepal's. B. Nepal's production possibilities frontier to shift inward faster than the U.S.'s. C. the U.S.'s production possibilities frontier to shift inward faster than Nepal's. D. Nepal's production possibilities frontier to shift outward faster than the U.S.'s.
Which of the following is a possible market solution to the lemons problem?
A) Producers might offer product guarantees and warranties. B) Producers might be required to meet certain legal standards to obtain licenses granting the right to sell their products. C) Government agencies might be charged with directly overseeing production and distribution of certain products. D) Liability laws might be established to ensure that firms selling certain products must face penalties in the event the products function poorly.