Consider the labor market below. Suppose the government passes a minimum wage requiring employers to pay at least $8.00 per hour. 
After the imposition of the minimum wage, employment will equal ________ person-hours per day.
A. 4,000
B. 8,000
C. 6,000
D. 2,000
Answer: D
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Economic behavior is always rational.
Answer the following statement true (T) or false (F)
If unskilled labor and capital are substitutes,
A. the price of unskilled labor decreases when the price of capital increases. B. the cross-elasticity between unskilled labor and capital is positive. C. the demand for unskilled labor increases when the price of capital decreases. D. the demand curve for capital is upward sloping. E. the price of capital is increasing.
A direct or positive relationship between price and quantity supplied is
A) the market clearing price. B) a change in demand. C) a supply curve. D) a demand curve.