The income per worker of a country increases if ________
A) the number of children in the country aged below 15 increases
B) the country's GDP increases, all other variables remaining constant
C) the number of retired people in the country increases
D) the country's GDP falls, all other variables remaining constant
B
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Assume that firms in a perfectly competitive market are earning economic profits. Which of the following statements describes the change in market price and output as a result of the entry of new firms into this market?
A) The short-run market supply curve shifts to the right, causing price to fall and total market output to increase. B) The short-run market supply curve shifts to the left, causing price to rise and total market output to decrease. C) The market demand curve shifts to the left, causing price to fall and market output to decrease. D) The market demand curve shifts to the right, causing price to rise and market output to increase.
Suppose that the "Millennial" generation values leisure more than past generations. We can expect a decrease in the labor supply as the Millennials enter their prime working ages and a corresponding decrease in wages
a. True b. False Indicate whether the statement is true or false