According to opportunity-cost theory, if more people learned how to repair their own automobiles, the wages of automotive mechanics would
A) decline as the highest-cost mechanics left the business.
B) decline, because the marginal quality of the services provided would go down.
C) not change because no change has occurred in demand or supply.
D) rise, because mechanics would have to obtain more per hour to maintain their incomes.
E) rise in order to compensate for the smaller demand.
A
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The marginal utility curve is downward sloping
a. True b. False Indicate whether the statement is true or false
When the price level in the United States rises,
a. there is an increased demand for credit (or borrowed money) b. producers' demand for new machinery increases, contributing to an increase in aggregate demand c. Americans tend to buy more foreign goods and services d. the French, Canadians, and Japanese find our exports more attractive e. to maintain the value of your real wealth holding, you save less
The national debt is the
a. result of previous budget deficits. b. result of rising interest rates. c. result of previous budget surpluses. d. result of efficient balancing.
A rise in national production and national income unambiguously leads to less pollution.
Answer the following statement true (T) or false (F)