If you observed that the both the wage rate and employment increased, which of the following would be a possible explanation?
a. A decrease in labor demand
b. An increase in labor demand that outpaced an increase in labor supply
c. A decrease in labor demand coupled with an increase in labor supply
d. A decrease in labor supply
e. An increase in labor supply that outpaced an increase in labor demand
B
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A fireworks show has been arranged in a park. The ticket for the show is $5 but only 40% of the tickets get sold as spectators can watch the show without entering the park. This is an example of ________
A) the free-rider problem B) the paradox of thrift C) the paradox of plenty D) the tragedy of the commons
Rio Tinto was able to introduce robotic machines into its mining operations because of developments in computer technology, the Global Positioning System (GPS), and robotics
The company's mining operations are an example of ________, in which devices directly communicate data to a computer without a person having to enter the data. A) Artificial Intelligence B) Technological Singularity C) the use of Big Data D) the Internet of Things
Using equations for public and private saving, show that saving must equal investment in a closed economy. Begin with the expression for total saving in the economy
What will be an ideal response?
Higher standards of living are the result of
A) an increase in the availability of goods and services that people value. B) an increase in the general level of prices. C) trade restrictions that favor domestic industries over foreign competition. D) government subsidies that expand employment.