If robotics and factory automation become more widespread in an industry and all else is held constant:
A. both the demand for labor in that industry and the wage rate should decrease.
B. the demand for labor should increase in that industry and the wage rate should decrease.
C. both the demand for labor in that industry and the wage rate should increase.
D. the demand for labor should decrease in that industry and the wage rate should increase.
Answer: A
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Which of the following statements best describes a normal good?
A) A normal good is a good that is rationed by the government. B) A normal good is a good that is readily available in the market. C) A normal good is a good whose supply increases as its price decreases. D) A normal good is a good whose demand increases with an increase in consumers' income.
In the above figure, the maximum number of units that 4 workers can produce is
A) 5 units. B) 10 units. C) 15 units. D) more than 15 units.