In what year did the U.S. inflation rate jump to close to 18%?
a. 1917
b. 1921
c. 1929
d. 1945
a. 1917
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The productivity curve shifts upward when
A) technology advances. B) physical capital increases. C) hours of labor increase. D) hours of labor decrease. E) human capital decreases.
Which of the following best illustrates the double coincidence of wants? a. Both Tom and Jerry would like to purchase the same good
b. Tom has something he's willing to trade with Jerry; Jerry has something he's not willing to trade with Tom. c. Tom and Jerry have very similar tastes; hence, Tom's wants coincide with Jerry's. d. Tom has something he's willing to trade with Jerry, who wants it; Jerry has something he's willing to trade with Tom, who wants it. e. Tom has something Jerry wants; Jerry has nothing Tom wants.
Wages in American industry are very high because of wage laws
a. True b. False Indicate whether the statement is true or false
Suppose that the market for labor is initially in equilibrium. Suppose that workers' tastes change so that they choose to retire at age 70 rather than age 67 . Then the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.