Suppose wages increase but employment decreases. These changes most likely were caused by:
A. a decrease in labor demand.
B. a decrease in labor supply.
C. an increase in labor demand.
D. an increase in labor supply.
Answer: B
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The short-run Phillips curve will not shift unless there is
A) an increase in inflation that is unanticipated. B) a decrease in inflation that is unanticipated. C) a change in inflation expectations. D) an increase in the unemployment rate.
In the price system
A) prices are set by government action. B) consumers alone set the price. C) producers alone set the price. D) prices are set by the interaction of supply and demand.
The cross-price elasticity of demand between milk and soft drinks is likely to be
a. negative because the goods are complements b. positive because the goods are complements c. negative because the goods are substitutes d. positive because the goods are substitutes e. 0 because the goods are not usually consumed by the same person at one time
"Price" in the statement of the Law of Supply refers to:
A. The amount that buyers are willing and able to pay for each unit of the product B. The cost of producing each unit of the product C. The total revenues that sellers receives for selling a given quantity of the product D. The total amount that buyers pay in order to acquire a given quantity of the product