As baby boomers move into their retirement years, the incomes of geriatricians (doctors for the aged) will most likely
a. fall due to a fall in the demand for geriatricians
b. rise due to a fall in the price of complementary inputs
c. rise due to a rise in the demand for geriatricians
d. fall due to a drop in the number of medical providers
e. rise due to a rise in the supply of geriatricians
C
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If an import-competing firm is imperfectly competitive, then under free trade an export tariff will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; have no effect on; decrease; increase; decrease B) decrease; decrease; increase; decrease; have no effect on C) increase; have no effect on; increase; decrease; increase D) decrease; increase; decrease; increase; decrease E) have no effect on; have no effect on; decrease; increase; decrease
During inflationary periods
a. all prices rise at the rate of inflation. b. real wages must necessarily decline. c. some prices may fall. d. relative prices do not change.