If workers in an industry become less productive, we would expect the
A. demand for workers to increase.
B. supply of workers to decrease.
C. demand for workers to decrease.
D. supply of workers to increase.
Answer: C
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Positive economic profits in a perfectly competitive market imply that:
A) producers are earning more than their opportunity cost. B) existing firms are likely to leave the market. C) the cost of production is equalized across producers. D) government intervention is required to stabilize the market.
The optimal combination of goods for a consumer to purchase is shown by
A. any intersection of the indifference curve and the budget line. B. the point where the budget line touches the vertical axis. C. a point of tangency between the budget line and the indifference curve. D. the point at which the indifference curve parallels the horizontal axis. E. the intersection of two indifference curves.
Which of the following would cause a decrease in the exchange value of the U.S. dollar?
a. A decrease in the amount of foreign debt purchased by U.S. citizens b. An increase in U.S. exports c. An increase in U.S. imports d. Increased demand by foreigners to buy U.S. government securities
Compare and contrast the different ways the Federal Reserve would handle a recession and inflation.
What will be an ideal response?