Assuming that workers are fully aware of their working conditions, which of the following will not happen when the government mandates pollution control to protect workers' health?
A. Wages will fall at all but the cleanest firms.
B. Firms with low profits before the mandate may shut down or exit the industry.
C. The air in workplaces will become cleaner.
D. Employment will likely decrease.
E. Worker utility will increase.
Answer: E
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Which of the following metaphors best expresses the scientific nature of economic theory?
A) like a wool sweater, economic theory warms the heart of the economist. B) like a pair of eyeglasses, economic theory allows one to more clearly see and discriminate among the countless facts he or she faces. C) like a gun, economic theory shoots holes through every other rival theory. D) like a bank, economic theory is concerned with only one thing: the accumulation of money.
What is the price of a unit of labor in a competitive labor market?
What will be an ideal response?
In Irving Fisher's quantity theory of money, velocity was determined by
A) interest rates. B) real GDP. C) the institutions in an economy that affect individuals' transactions. D) the price level.
A lower interest rate
A) lowers the marginal propensity to consume out of permanent income. B) raises the marginal propensity to consume out of permanent income. C) lowers the proportion of actual income considered to be permanent income. D) raises the proportion of actual income considered to be permanent income.