Suppose a stock market boom makes people feel wealthier. The increase in wealth would cause people to desire
a. increased consumption, which shifts the aggregate-demand curve right.
b. increased consumption, which shifts the aggregate-demand curve left.
c. decreased consumption, which shifts the aggregate-demand curve right.
d. decreased consumption, which shifts the aggregate-demand curve left.
a
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Figure 1-2
Identify the slope of the two curves A and B in Figure 1-2.
A. A—zero, B—one. B. A—one, B—zero. C. A—one, B—different at different points. D. A—different at different points, B—zero.
If union demands result in a surplus of labor in some industries, the resulting
a. increased demand for labor in the nonunion sector drives nonunion wages up b. decreased demand for labor in the nonunion sector drives nonunion wages down c. increased supply of labor in the nonunion sector drives nonunion wages down d. increased supply of labor in the nonunion sector drives nonunion wages up e. decreased supply of labor in the nonunion sector drives nonunion wages up
The invention of new mining methods will affect price through the supply side.
Answer the following statement true (T) or false (F)
If a firm spends $400 to produce 20 units of output and spends $880 to produce 40 units, then between 20 and 40 units of output, the marginal cost of production is:
A. $20. B. $480. C. $24. D. $22.