Any event that increases the value of the marginal product of labor will:
A. increase labor demand.
B. decrease labor demand.
C. increase labor supply.
D. decrease labor supply.
A. increase labor demand.
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Use the following production possibilities frontiers to answer the next question.
Curve (a) is the initial frontier for the economy, and the nation is initially producing combination P. A shift from curve (a) to curve (b) suggests that the economy can then increase its production of capital goods
A. so as to produce the combination L. B. and consumer goods simultaneously, except at the point where the curve intersects the vertical axis. C. but will have to hold constant its production of consumer goods. D. only if it reduces its production of consumer goods.
Hyperinflation is defined as an inflation rate
A) that doubles each year. B) that increases rapidly in one year and decreases rapidly the next year. C) that exceeds 50 percent per month. D) that is moderately high but anticipated.
The demand curve for a factor is that part of the MRP where marginal product is
a. rising. b. falling. c. positive. d. negative.
You are analyzing the demand for good X. Which of the following will result in a shift to the right of the demand curve for X?
A) A decrease in the price of X B) An increase in the price of a good that is a complement to good X C) An increase in the price of a good that is a substitute for X D) all of the above