Refer to the figure above. What is the equilibrium employment if the labor demand curve is LD1 and the labor supply curve is LS1?
A) 5 units B) 20 units C) 15 units D) 10 units
B
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The equation underlying the mainstream view of macroeconomics is
A. S = a ? bY. B. MV = PQ. C. C + I + G + NX = GDP. D. GDP = P × Q.
If the short run elasticity of demand for bus service is 1.01, we would expect the long run elasticity of demand to be: a. relatively inelastic. b. greater than 1.01
c. equal to 1.01. d. less than 1.01.
When a tax is imposed on buyers, consumer surplus and producer surplus both decrease
a. True b. False Indicate whether the statement is true or false
According to one In the News article, "Defense Cuts Kill Jobs," a decrease in government spending has contributed to the sluggish economy. This would imply that
A. The aggregate supply curve has shifted to the right. B. Injections into the circular flow have increased. C. The aggregate demand curve has shifted to the right. D. The aggregate demand curve has shifted to the left.