A government report that makes working in a particular industry less attractive to workers will most likely ________ the number of workers hired in that industry, and ________ the wage paid to those workers.
A. increase; increase
B. increase; decrease
C. decrease; increase
D. decrease; decrease
Answer: C
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Table 11-1 Y = C + I + G C = 500 + 0.8(Y?T) I = 300 G = 700 T = 0.25Y Refer to Table 11-1. What is the level of consumption in this model?
A. 2,950 B. 2,750 C. 2,550 D. 2,350 E. 2,150
According to the law of comparative advantage, a particular task is performed most efficiently by the individual with the lowest
a. wage rate. b. tax liability. c. net worth. d. opportunity cost.
If labor in Mexico is less productive than labor in the United States in all areas of production,
a. then neither nation can benefit from trade. b. then Mexico can benefit from trade but the United States cannot. c. then the United States will have a comparative advantage relative to Mexico in the production of all goods. d. then both Mexico and the United States still can benefit from trade.
Economics is best defined as the study of:
A. supply and demand. B. the financial concerns of businesses and individuals. C. inflation, interest rates and the stock market. D. how people make choices in the face of scarcity and the implications of those choices for society as a whole.