Suppose the downward sloping labor demand curve shifts rightward in a labor market with a single employer (monopsony). What happens to the equilibrium wage and level of employment in the market?
A) Wage and level of employment increase.
B) Wage increases and level of employment declines.
C) Wage decreases and level of employment increases.
D) Wage and level of employment decline.
A
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An increase in a family’s income will cause its budget line to
A. become steeper. B. become flatter (less steep). C. move closer to the origin. D. move away from the origin. E. become more convex toward the origin.
Some economists have proposed making the tax treatment of employer-provided health insurance the same as the tax treatment of individually purchased health insurance and out-of-pocket health care spending
Such changes would make it more likely that A) insurance deductibles would decrease. B) employers would provide more generous medical coverage to their employees. C) consumers would pay prices closer to the actual costs for routine medical care. D) the quantity of medical services demanded would increase.
The decrease in the value of the dollar relative to the Japanese yen
A. increased the yen price paid and decreased the dollar price received from U.S. goods exported to Japan. B. decreased both the yen price paid and the dollar price received from U.S. goods exported to Japan. C. increased both the yen price paid and the dollar price received from U.S. goods exported to Japan. D. decreased the yen price paid and increased the dollar price received from U.S. goods exported to Japan.
Which of the following is the correct formula for computing GDP?
a. GDP = consumption + private investment + government spending + exports - imports b. GDP = consumption + public investment + government spending + exports - imports c. GDP = consumption + private investment + government spending - exports - imports d. GDP = consumption + private investment + government spending + transfers e. GDP = consumption + private investment + tax revenue + transfers