If the costs of the training necessary to perform a job decrease, labor ________ shifts to the ________.
A. demand; left
B. demand; right
C. supply; left
D. supply; right
Answer: D
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As the quantity of capital increases, the marginal product of capital
A) does not change. B) increases. C) decreases. D) may either increase or decrease.
In the arena of decision making, status-quo bias means that the "‘default'" option:
A. has a lot of power. B. is most likely to be chosen. C. is the one that will automatically take place if the chooser fails to make an active decision. D. All of these statements are true.
According to the new classical view, budget deficits will
a. cause real interest rates to rise, which will decrease aggregate demand, output, and employment. b. lead to an expansion in spending, which will stimulate both real output and employment. c. fail to stimulate aggregate demand because people will save more in order to pay the higher future taxes implied by the expansion in government debt. d. lead to inflation because the deficits expand the money supply.
Explain how the prices of goods and services used in the CPI differ from the prices used in the PPI