If the supply of labor in a purely competitive labor market increases, then the product
A. demand curve will shift to the left.
B. supply curve will shift to the left.
C. supply curve will shift to the right.
D. demand curve will shift to the right.
Answer: C
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From 1948 to 2010, the United States has experienced only 4 recessions
Indicate whether the statement is true or false
When the market price is above equilibrium then ____ and when the market price is below equilibrium, then ____.
A. quantity demanded is greater than quantity supplied; quantity supplied is greater than quantity demanded. B. quantity supplied is greater than quantity demanded; quantity supplied is greater than quantity demanded. C. quantity supplied is greater than quantity demanded; quantity demanded is greater than quantity supplied D. the market is in equilibrium; the market is in equilibrium.
The sustainable upper limit of real GDP is a level of GDP that is
A) greater than potential GDP, but by how much greater is unknown and controversial. B) less than potential GDP, but by how much less is unknown and controversial. C) potential GDP. D) determined only by what is the full employment equilibrium in the labor market. E) None of the above answers is correct because there is no sustainable upper limit to real GDP because real GDP can always be increased.
Market income is defined as wages, interest, rent, and profit earned in factor markets plus cash payments to households by the government
Indicate whether the statement is true or false