Which of the following will not cause the marginal revenue product of labor curve for a firm to shift?
A. an increase in the productivity of workers
B. an increase in the wage rate
C. a decrease in the price of the product
D. an increase in demand for the product
Answer: B
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The infant-industry argument is the only perfectly valid argument for protection
Indicate whether the statement is true or false
Aggregate private spending is stable according to non-activists PRIMARILY because
A) consumer spending is insulated from changes in income according to the PIH and LCH theories. B) private residential and non-residential investment is volatile. C) government spending is volatile. D) the money supply is unstable.
Which of the following is NOT a stage of development that modern rich nations have gone through?
A) service stage B) agricultural stage C) manufacturing stage D) inflation stage
If the minimum wage law sets a price floor above the equilibrium wage in the market for unskilled labor, then the
A) minimum wage will create a surplus of unskilled labor. B) minimum wage will create a shortage of unskilled labor. C) minimum wage will not impact the unskilled labor market. D) unskilled labor market will change, but we cannot be certain how.