Suppose that the steelworkers' association introduces a new steel worker licensing requirement. What do you expect will happen?
A. More steelworkers will be employed, at a lower wage.
B. More steelworkers will be employed, at a higher wage.
C. Fewer steelworkers will be employed, at a lower wage.
D. Fewer steelworkers will be employed, at a higher wage.
Answer: D
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Suppose a factory can be designed to produce either trucks or cars. The figure above shows the marginal cost and marginal benefit of producing trucks in terms of the forgone cars
a. What is the marginal benefit of the 25th truck? b. What is the marginal cost of the 25th truck? c. Should the 25th truck be produced? Why or why not. d. What is the marginal benefit of the 75th truck? e. What is the marginal cost of the 75th truck? f. Should the 75th truck be produced? Why or why not? g. What is the allocatively efficient quantity of trucks?
The Trump administration's policies to increase labor productivity growth include all of the following except
A) reducing business taxes. B) reducing regulations on small businesses. C) increasing infrastructure spending. D) raising the federal minimum wage.
Hogrocket, which developed the Tiny Invaders game for the iPhone, found that to maintain sales in a profitable competitive market, the price of a product
A) will usually rise. B) will usually remain stable. C) will eventually fall to zero. D) will usually fall.