1.Suppose oil prices increase. Which of the following is true? a. Equilibrium wa
ID: 1137800 • Letter: 1
Question
1.Suppose oil prices increase. Which of the following is true?
a.
Equilibrium wages are lower.
b.
Employment is lower.
c.
Both of these choices are correct.
d.
None of these choices are correct.
2.The labor demand curve slopes downward because the marginal product of labor is diminishing as we add additional labor.
True/ False
3.The rise of the employment-population ratio in the United States is most likely explained by:
a.
b.
c.
d.
a.
Equilibrium wages are lower.
b.
Employment is lower.
c.
Both of these choices are correct.
d.
None of these choices are correct.
Explanation / Answer
1) ans is B An increase in price of oil will decrease the employment.
2)True Because as we increase more and more labor, the marginal productivity of labor decreases.
3)ans is A
However all 4 are true
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