Which of the following will lead to an outward shift in the firm's short-run demand for labor?
A) an increase in the price of output
B) less capital per unit of labor
C) a decline in labor productivity
D) a reduction in average consumer income
Answer: A
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Scarcity requires that we
A) produce efficiently. B) learn to limit our wants. C) have the most rapid economic growth possible. D) have unlimited resources. E) make choices about what goods and services to produce.
The quote, "If I have seen farther than others, it is because I have stood on the shoulders of giants" is attributed to ________
A) Albert Einstein B) Paul Romer C) Friedrich Nietszche D) Sir Isaac Newton
What will happen to the annual rate of growth of per capita real GDP if real GDP grows at a constant rate of 4.5 percent and the annual rate of population growth goes from 3 percent to 3.5 percent?
A) The annual rate of growth of per capita real GDP will increase from 7.5 percent to 8 percent. B) The annual rate of growth of per capita real GDP will increase from -1.5 percent to -1 percent. C) The annual rate of growth of per capita real GDP will remain unchanged. D) The annual rate of growth of per capita real GDP will decrease from 1.5 percent to 1 percent.
Other things equal, the supply of labor will be lower to a job that
a. offers less strenuous physical activity b. requires a supervisor to closely monitor employee performance c. allows for flexible work schedules d. offers free room and board e. is exciting due to slightly elevated risk