Ceteris paribus, for an upward-sloping labor supply curve, there is an increase in the quantity of labor supplied when the:
a) Demand for labor increases.
b) Wage rate increases.
c) Amount of leisure time increases.
d) Tax rate increases.
Answer: b) Wage rate increases.
You might also like to view...
When real income ________, the demand curve for money shifts to the ________ and the interest rate ________, everything else held constant
A) falls; right; rises B) rises; right; rises C) falls; left; rises D) rises; left; rises
The trade deficit and federal budget deficit plagued which U.S. presidential administration with high inflation and low levels of production and employment?
(a) Franklin D. Roosevelt (1933–45) (b) Dwight D. Eisenhower (1953–61) (c) John F. Kennedy (1961–63) (d) Ronald W. Reagan (1981–89)
Which one of the following relationships is most likely to be stochastic rather than deterministic?
a) The relationship between the number of hours LEAP tutors work in one pay period and the size of their paycheck for that period. b) The relationship between the number of boxes of Girl Scout cookies sold and the total revenue generated from the sales of Girl Scout cookies. c) The relationship between the number of hours students study and their GPAs. d) The relationship between the ticket revenue from a concert and the number of tickets sold.
Sales taxes are
A. assessed on the prices paid on a large set of goods and services. B. based on each individual taxpayer's income level. C. levied on purchases of a particular good or service. D. collected only by the U.S. government.