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Author Question: Real standards of living can increase A) if the country is producing the same amount they ... (Read 75 times)

Hungry!

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on: Jun 29, 2018
Real standards of living can increase
 
  A) if the country is producing the same amount they traditionally have and are enjoying more leisure time.
  B) only if there is positive economic growth.
  C) if there is positive growth in the manufacturing sector.
  D) only at the cost of increased urban congestion.

Question 2

Would it take longer for a labor market to move to a new equilibrium for house painters or architects? Why?
 
  What will be an ideal response?


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SamMuagrove

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

It would take longer for the market for architects to move to a new equilibrium, other things being equal. It takes more time in training to become an architect, and the knowledge one has is more specialized. Hence, it would take longer for the increase in quantity supplied to reach a new equilibrium after an increase in demand for architects than for house painters. For a decrease in demand, house painters can find similar jobs at similar pay more easily than can an architect.


Hungry!

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

Missbam101

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Reply 3 on: Yesterday
Excellent

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