Why does increasing employment not necessarily increase living standards?
a. Productivity always increases as employment increases.
b. Living standards and employment are always positively related.
c. Increasing employment may not be accompanied by higher real wages
d. There is no upper limit to labor force participation.
e. Real wages are not adjusted for inflation.
C
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In chapter 1 your authors marveled at the way highway traffic is orderly and self-regulating. In chapter 6, however, they discuss a growing problem on urban roadways—congestion. What's the cause of roadway congestion?
A) Typically, road use is a scarce good with a zero price tag. B) Not enough drivers have studied economics. C) More and more drivers think only of themselves. D) Population growth
Agave, Six Feet Under, Globe, Silk, Sotto Sotto and Zocalo are all restaurants in Atlanta. In this monopolistic market, economic profit would encourage ________, which decreases the ________ for each firm's meals
A) entry; demand B) entry; supply C) exit; demand D) exit; supply