The labor demand curve is downward sloping because as the real wage ________ the amount of labor hired ________
A) falls; decreases B) falls; increases
C) rises; remains constant D) rises; increases
B
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Which of the following would cause the demand curve for rice to shift to the left?
a. A rise in the price of rice. b. A blight that destroyed 75% of the rice harvest. c. A report claiming that the starch in rice causes heart disease. d. A tariff that doubles the price of imported spaghetti.
If a number equal to the mean of a series of observations is added to the series, the new mean is:
A) smaller than the original mean. B) greater than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.
Which of the following will cause the production possibilities curve to shift inward?
A. An increase in knowledge. B. An increase in the working-age population. C. A technological advance. D. A decrease in the size of the labor force.
Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. Which technology is the least labor intensive?
A. A B. B C. C D. D