Which of the following would increase aggregate supply?
A. increased training and education
B. a discovery of new raw materials
C. a reduction in input prices
D. all of these
Answer: D
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Which of the following scenarios best demonstrates Say's law?
A. Nandini plays the piano at a restaurant, and her income is based solely on voluntary donations. She never lets her demand for goods and services determine how long she plays the piano. B. Professor Mackowski teaches economics at a university and receives a monthly paycheck. Each month he spends half his paycheck and saves the rest in his piggy bank under his bed. C. Farmer Perk grows strawberries on his farm. As he grows them, he decides to buy more goods if he sells more strawberries than he expected.
A change in the quantity demanded of a product is the result of a change in
A) consumer income. B) the price of the product. C) the cost of producing the product. D) the price of related goods.
How is it possible to have a separation between ownership and control of a major corporation? What specific type of market imperfection can cause this?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. The highest unemployment rate in the United States in recent years has been among adult females. 2. Part-time workers who want full-time employment but cannot find it are considered underemployed. 3. Increases in the federal minimum wage directly affects only a small percentage of U.S. workers. 4. Because of increases in the minimum wage, new entrants into the labor force find it easier to find employment. 5. Many economists believe that increases in the minimum wage tend to create a labor surplus.