Refer to the above table. How many workers will this firm hire if the weekly wage rate is $770?
A) 26
B) 27
C) 28
D) 29
D
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Medical service by physicians
A) could be made a free good through universal health insurance. B) is a good for which the demand is completely inelastic. C) is a good for which there is no satisfactory substitute. D) would become a free good if physicians did not charge monetary fees. E) would cost some patients more in non-monetary terms than they now pay if physicians did not charge monetary fees.
In a two-period model with production, an increase in current domestic total factor productivity
A) increases domestic output and increases the current account surplus. B) increases domestic output and decreases the current account surplus. C) decreases domestic output and increases the current account surplus. D) decreases domestic output and decreases the current account surplus.
When the market price of a good is below its equilibrium price, competition among
A. buyers will push the price up. B. buyers will push the price down. C. sellers will push the price up. D. sellers will push the price down.
Discuss the correct and incorrect economic analysis in the following statement
"The United Auto Workers Union has successfully negotiated a 9 percent increase in wages for its workers. This increase in the wage rate causes an increase in demand for automobiles, since many consumers now have greater incomes, and also a decrease in the supply of automobiles because the cost of production has increased. These effects cancel each other out resulting in no change in equilibrium price and quantity in the automobile market." What will be an ideal response?