When the supply of labor increases, according to the specificfactors model, which of the following is NOT likely to happen?
a. The number of workers employed will increase.
b. The wages for workers will decline.
c. The marginal product of labor shifts to the right.
d. The overall wage in the economy increases in the short run.
Ans: d. The overall wage in the economy increases in the short run.
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Externalities are unintended costs or benefits imposed on third parties. Who creates these externalities?
a. the government b. the market c. the third parties themselves d. buyers create the costs, sellers create the benefits e. the economic activity of others that affects third parties
Which of the following is correct?
a. If developing countries limit career and educational opportunities for women, birth rates are likely to be lower. b. Growth rates in developed and developing countries are nearly the same. c. Historically, in periods where the rate of population growth was high, so was the rate of growth in world real GDP per person. d. None of the above is correct.