In the market for cell phones, which of the following events increases the supply of cell phones?
A. New technology lowers the cost of making a cell phone
B. Rise in the price of an e-book reader (a substitute in production)
C. An increase in people's incomes
D. A rise in the wage rate paid to electronics workers
A Answers B and D decrease the supply of cell phones; answer C affects the demand for cell phones.
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In Dakistan, 3M people work, 0.5M are unemployed and get UI benefits, 0.1M are unemployed without UI benefits and 3M have no intention to work. The unemployment rate is (to the nearest %)
A) 7%. B) 9%. C) 14%. D) 17%.
The monopsonistic exploitation of labor refers to
A) the reduction in total output from monopoly in the product market. B) the union wage differential. C) workers being paid a wage less than their marginal revenue product. D) the reduction in employment resulting from union wage setting.