Other things remaining the same, which of the following is likely to increase both the wage rate and the number of workers hired in a rice farm?
A) An increase in the price of rice
B) A decrease in the price of rice
C) A decrease in the population in the area where the farm is located
D) An increase in the population in the area where the farm is located
A
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An increase in exports of goods or services with no change in imports of goods or services
A) decreases GDP. B) increases GDP. C) may increase or decrease GDP depending on whether it is the export of goods or the export of services that increased. D) has no effect on GDP.
Goods X and Y are complementary goods. A decrease in price of good X has occurred. In the market for good Y, this will lead to
A) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.