As the real wage rate increases, the
A) quantity of labor supplied increases.
B) supply of labor curve shifts rightward.
C) supply of labor curve shifts leftward.
D) quantity of labor supplied increases and the supply of labor shifts rightward.
A
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What happens to U.S. GDP when foreign countries experience prosperity?
A) It increases because the United States will export more product to those countries. B) It does not change because U.S. GDP is not affected by other countries' prosperity. C) It decreases because the foreign countries will be able to export more at a lower cost. D) It decreases because the foreign countries will now buy more of their own products.
If a price ceiling is imposed, then:
a. the market supply curve will shift to the right. b. the market demand will shift to the left. c. a shortage of product will result. d. the government would be required to buy-up the surplus product. e. the market equilibrium price is below the level the government wishes to achieve.
Specialization of labor makes sense only if there is some means of exchange
a. True b. False Indicate whether the statement is true or false
In order to survive in a market, a firm needs to
A. produce a product demanded by consumers at the lowest possible price while covering costs. B. charge higher prices for its products than its rivals and revise prices upward periodically. C. make extensive use of available technology. D. hire more capital and less labor.