In fiscal year 2014, the U.S. federal budget deficit amounted to about:
a. 1.2% of GDP
b. 3.7% of GDP
c. 4.5% of GDP
d. 10% of GDP
b
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Consider the labor market for short-order cooks. An increase in the wages paid to fast-food workers will cause
a. both equilibrium wages and equilibrium employment to increase in the market for short-order cooks. b. both equilibrium wages and equilibrium employment to decrease in the market for short-order cooks. c. equilibrium wages to increase and equilibrium employment to decrease in the market for short-order cooks. d. equilibrium wages to decrease and equilibrium employment to increase in the market for short-order cooks.
Suppose the market price of zinc doubles. Which of the following scenarios is most likely?
A) The demand for zinc miners will increase, raising the market wage rate. B) The demand for zinc miners will decrease, reducing the market wage rate. C) The demand for zinc will increase, raising the market price further. D) The demand for zinc miners will decrease, reducing the market price back to its original price.