Which of the following scenarios will shift the labor demand curve to the right?
A. an increase in the use of factory automation
B. an increase in the price of a competing, substitute input
C. a reduction in the wage rate
D. a reduction in the demand for the output produced by labor
Answer: B
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If each customer is sold a product at a different price, then the firm is practicing
A) perfect price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) product differentiation.
Suppose Andrea is taking just two courses and is at a point inside her PPF of grades for those two courses. If Andrea changes her work habits then it is impossible for
A) either one of her grades to rise. B) both of her grades to rise. C) both of her grades to fall. D) either one of her grades to rise while the other grade remains constant. E) none of the above is impossible in this situation
Which would be one of the factors that increase aggregate demand?
a. An increase in the productivity of labor b. An increase in personal income tax rates c. An increase in consumer wealth d. An increase in real interest rates
If the Federal Reserve ________ the required reserve ratio, the interest rate ________
A) lowers; rises B) lowers; falls C) raises; does not change D) raises; falls E) Not enough information is given because the effect depends also on the size of the monetary base.