An increase in the minimum wage will tend to cause which of the following?
A) an upward shift in the WS curve
B) a downward shift in the WS curve
C) an upward shift in the PS curve
D) a downward shift in the PS curve
E) none of the above
A
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A decrease in the nominal interest rate ________ the opportunity cost of holding money
A) increases B) decreases C) can increase or decrease D) None of the above answers is correct because the nominal interest rate does not affect the opportunity cost of holding money.
Which of the following restricts the volume of international trade?
a. stable prices b. tariffs c. the law of comparative advantage d. a stable international monetary system
A recession can be expected to reduce inflation in the economy if the recession is caused by a(n)
A. increase in aggregate demand. B. increase in aggregate supply. C. decrease in aggregate demand. D. decrease in aggregate supply.
Suppose that the market for labor is initially in equilibrium. A decrease in the price of output will cause the equilibrium wage
a. and the equilibrium quantity of labor to rise. b. and the equilibrium quantity of labor to fall. c. to rise and the equilibrium quantity of labor to fall. d. to fall and the equilibrium quantity of labor to rise.