Which of the following would reduce the supply of computers?
a. higher wage rates for the workers that assemble the computers
b. a technological improvement that lowers the cost of producing the computers
c. a reduction in the price of computer chips used to produce the computers
d. All of the above would reduce the supply of computers.
a
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If we assume competitive labor markets, the supply curve of labor when the firm is a monopoly is
A) upward sloping. B) vertical. C) horizontal. D) downward sloping.
The GDP price index: a. measures the average price of final goods and services produced in an economy
b. measures the quality of goods produced in an economy. c. is derived using the prices of only imported and exported goods and services. d. is derived using the implicit prices of goods and services produced by the government. e. measures the value of all intermediate goods and services sold in an economy.