A pandemic causes the deaths of a large proportion of the working-age population in the country of Alpha. As a result the real wage in Alpha ________ and employment in Alpha ________.
A. decrease; increase
B. decrease; decrease
C. increase; increase
D. increase; decrease
Answer: B
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The price-output combination that maximizes profits for a monopolist occurs at the point where
A) total revenues and total costs are equal. B) the difference between total revenues and total costs is the greatest. C) total revenues are the greatest. D) the elasticity of demand equals one.
One way to predict the future profitability of a company is through:
A. technical analysis. B. fundamental analysis. C. using current prices. D. All of these are ways to predict a company's worth.
Explain the concept of market failure
If the price of gasoline rose 50% during a period in which the general price level rose 100%, economic theory would predict Select one:
A) a decline in the quantity of gasoline demanded.
B) an increase in the quantity of gasoline demanded.
C) a decrease in the demand for gasoline.
D) an increase in the supply of gasoline.
E) less driving by motorists.