If the United Auto Workers union can obtain a substantial wage increase for auto workers, there will be
a. a decrease in the supply of automobiles, which is a shift to the right of the supply curve.
b. a decrease in the supply of automobiles, which is a shift to the left of the supply curve.
c. an increase in the supply of automobiles, which is a shift to the right of the supply curve.
d. an increase in the supply of automobiles, which is a shift to the left of the supply curve.
b. a decrease in the supply of automobiles, which is a shift to the left of the supply curve.
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Total revenue for skis is at a maximum when the price elasticity of demand is
A) between 0 and 1. B) 1. C) greater than 1. D) 0.
When employers discriminate, they
a. believe they have a sound economic reason for doing so. b. may pay the price in lost earnings and productivity. c. subject themselves to civil action. d. All of the above are correct.
Country A has a comparative advantage compared to Country B in the production of shoes if
A. Country A can produce shoes at a lower cost in terms of other goods than Country B can. B. Country A can produce shoes at a lower monetary cost than Country B can. C. Country A can produce shoes using fewer resources than Country B can. D. the demand for shoes is higher in Country A than in Country B.
ABC news in Australia reported that the average annual wage in 2008 was $13,308. To calculate the real wage rate in Australia, you would need to know
A) Australia's inflation rate between 2007 and 2008. B) Australia's price level in 2008. C) the core inflation rate in Australia in 2008. D) the exchange rate between the U.S. dollar and the Australian dollar.