Child labor is a common family survival strategy, especially for farmers in rural areas where it is hard to enforce rules or to reach the poor with any supporting infrastructure or social services
Indicate whether the statement is true or false
TRUE
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The pre-Keynesian or classical economic theory viewed the long-run aggregate supply curve for the economy to be:
a. horizontal at the full-employment level of real GDP. b. positively sloped at the full-employment level of real GDP. c. vertical at the full-employment level of real GDP. d. backward bending at the full-employment level of real GDP.
Tobacco production is one of the more heavily subsidized industries in the United States. Suppose that as a result of intense lobbying from health-related concerns, Congress repeals the tobacco firms' subsidies. Which of the following scenarios would likely occur?
A) The tobacco firms' supply curve would shift rightward, as it would now be cheaper to produce each level of output. B) The tobacco firms' supply curve would shift leftward, since it would now cost more to produce each level of output. C) The tobacco firms would not experience any shift in their supply curves; subsidies don't affect output. D) There would be a movement along the supply curve for tobacco, but the supply curve would not shift.
Espresso Yourself Coffee Shop hires workers in a competitive labor market to make coffee. The ingredients required to make each cup of coffee cost 50 cents. The coffee shop's hourly output of coffee varies with the number of workers hired, as shown in the table. Each cup of coffee sells for $2.00.Number ofworkersCoffee(cups/hour)00125245360470575 The dollar value to the coffee shop of hiring the fifth worker is ________ per hour.
A. $7.50 B. $5.00 C. $2.00 D. $1.50
As potential real GDP is approached the aggregate supply curve becomes __________.
Fill in the blank(s) with the appropriate word(s).