If the price of a good increases, then in the market for the type of labor needed to produce this good:
A. Employment will decrease
B. The labor supply will increase
C. The marginal product (MP) of labor will increase
D. The marginal revenue product (MRP) of labor will increase
D. The marginal revenue product (MRP) of labor will increase
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Last year, the nominal interest rate was less than the anticipated rate of inflation
A) This means that not enough loans were made by banks. B) This means that the real interest rate was negative. C) This means that the real interest rate was very high. D) This scenario is not possible.
If Country A exports a good to Country B, who is made worse off?
a. The producers in Country A and the consumers in Country B b. The consumers in Country A and the consumers in Country B c. The producers in Country A and the producers in Country B d. The consumers in Country A and the producers in Country B e. Only the consumers in Country A will be worse off from this trade agreement
If the labor supply curve is very elastic, a tax on labor
a. has a large deadweight loss. b. raises enough tax revenue to offset the loss in welfare. c. has a relatively small impact on the number of hours that workers choose to work. d. results in a large tax burden on the firms that hire labor.
A nationwide system of marketable pollution permits will reduce pollution overall, but might increase pollution in some high abatement cost areas.
Answer the following statement true (T) or false (F)