Suppose that workers decrease their taste for leisure, and thus require less time away from work. What is likely to happen to wages and the quantity of labor hired?
A) wages increase, quantity of labor hired decreases
B) wages increase, quantity of labor hired increases
C) wages decrease, quantity of labor hired decreases
D) wages decrease, quantity of labor hired increases
D
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A double oral auction is an auction in which:
A) sellers post asks and buyers post offers one after the other. B) sellers post asks and buyers post bids simultaneously. C) the highest bidders post their bids at the same time. D) bidding starts from the lowest price to the highest price.
The slope of the aggregate demand curve indicates that ________ in the inflation rate leads to ________ of real GDP demanded by households and firms
A) an increase; a higher level B) a decrease; a lower level C) a decrease; a higher level D) an increase; no change in the level
Marginal cost pricing regulations for a natural monopolist ensure that
a. b and e b. price reflects the value society places on the last unit produced c. output will continue to grow until the required subsidy is zero d. fair pricing schemes are more profitable e. subsidization will be necessary
Which of the following is the appropriate order of policy responses?
A. Response design, recognition, impact, and implementation. B. Recognition, response design, implementation, and impact. C. Recognition, response design, impact, and implementation. D. Response design, implementation, recognition, and impact.