Which of the following would move the labor supply curve from S 1 to S 2 ?
a. Many workers of the younger generation sought flexibility and a shorter work week.
b. The factory was located in a crime-ridden part of town with limited access via public
transit.
c. The state’s mild climate and low taxes caused many people to relocate there.
d. Workers in the baby boom generation began cutting back their hours and preparing
to retire.
c. The state’s mild climate and low taxes caused many people to relocate there.
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A firm’s optimal input proportions may change if
A. input prices change. B. the relative marginal productivities of the inputs change. C. the firm’s optimal output level changes. D. All of the responses are correct.
Which of the following statements is (are) correct? Keynesian economists
a. favor neither active monetary policies nor active fiscal policies to stabilize the economy. b. favor both active monetary and fiscal policies to manage aggregate demand. c. are known as noninterventionists. d. are perceived as favoring smaller, less active government policy. e. Either b or d
A monopolistically competitive industry may feature
a. excess capacity. b. extraordinary profits. c. product differentiation. d. All of the above are correct. e. Only b and c are correct.
Indicate whether each of the following is a positive or normative economic statement: I. The imposition of a price ceiling below equilibrium price will lead to a shortage of housing. II. The local government should control the rate of increase in rents so that low-income residents are not forced to move from the area