If the price of output decreases, the equilibrium wage of workers who produce that output will ________ and ________ workers will be hired.
A. increase; more
B. increase; fewer
C. decrease; more
D. decrease; fewer
Answer: D
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Refer to Table 6-8. What is the numerical value of the price elasticity of supply?
A) 0 B) 1 C) greater than 0 but less than 1 D) greater than 1
The difference between a private good and a public good is that
A) private goods are government-sponsored goods while public goods are government-inhibited goods. B) externalities are always created in the production process but not in the production of public goods. C) private goods make us happy while public goods do not. D) the exclusion principle applies to a private good but not to a public good.
The labor force does not include people in the working-age population who are:
A. employed. B. not actively trying to find a job. C. retired, a full-time student, or stay-at-home parent. D. employed part time.
An interest rate increase to 4 percent will cause you to
A. save less of your income. B. be more time patient. C. be more time impatient. D. save more of your income.