Assume that the graph below describes the current labor market for nurses in a mid-sized city and that the labor market is perfectly competitive.
Suppose that several years ago the supply of nurses in this city was S0. What might explain the change from S0 to S1?
A. Increased immigration of people trained as nurses in other countries
B. An increase in nurses' wages
C. Increased employment opportunities outside of nursing
D. A decrease in nurses' wages
Answer: C
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The law of supply reflects the fact that
A) people buy more of a good when its price falls. B) suppliers have an incentive to use their resources in the way that brings the biggest return. C) the demand curve is downward sloping. D) higher prices are more attractive to consumers because they signal a higher quality product. E) businesses can sell more goods at lower prices.
"The rich should pay higher income tax rates than the poor" is an example of a
A) normative statement. B) positive statement. C) descriptive statement. D) theoretical statement.
Suppose Chevrolet produced 90,000 Camaros in the United States in 2012 and during 2012 sold 69,000 to U.S. customers and exported 14,000 to foreign buyers. The remaining Camaros were sold to U.S. customers in 2012
How many of these Camaros would count as a part of U.S. GDP in 2012? A) 69,000 B) 76,000 C) 83,000 D) 90,000
The total U.S. productivity growth rate decreased during the 1990s due to massive technological innovations
a. True b. False Indicate whether the statement is true or false