A craft union attempts to increase wage rates by:
A. equating the MRP and the MRC curves.
B. shifting the labor supply curve to the left.
C. shifting the labor supply curve to the right.
D. shifting the MRP curve to the right.
Answer: B
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Which of the following illustrates a macroeconomic question?
A. What is the least costly way to produce automobiles and trucks in the United States? B. Should the salaries of financial executives be regulated by the government? C. Will the introduction of a new computer chip change the demand for computers? D. Are increasing wage demands by workers contributing to price inflation?
Assuming all else equal, the credit supply curve shows the relationship between the quantity of credit supplied and the:
A) real wage rate. B) real interest rate. C) income tax rate. D) inflation rate.
If the economy is in equilibrium with real GDP less than potential GDP, there is ________ gap and a fiscal policy that ________ is appropriate
A) an inflationary; increases aggregate demand B) an inflationary; decreases aggregate demand C) a recessionary; increases aggregate demand D) a recessionary; decreases aggregate demand E) a recessionary; increases potential GDP
The price of coffee rose 50 percent and coffee sales fell 25 percent. Doughnut sales also fell 25 percent. From this information, we can conclude that
A. demand for coffee is inelastic. B. coffee and doughnuts are complements. C. the cross elasticity of demand is minus 0.5 percent. D. All of the responses are correct.