An outward shift in the labor demand curve implies that
A. employers are now looking to hire fewer workers regardless of the wage.
B. employers are now looking to hire fewer workers if the wage decreases.
C. a greater number of workers are now more willing to work at any given wage.
D. employers are now looking to hire more workers at any given wage.
E. demand for the firm's output likely fell.
Answer: D
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A) Federal government fiscal policy that strives for a balanced budget B) The Fed's lowering of the discount rate C) The Fed's raising of the discount rate D) The Fed's engagement in open market operations
Given constant returns to scale between labor and output, if it takes 1 hour to make 10 yards of cloth, then 100 yards of cloth can be made in
A) 10 hours. B) 100 hours. C) 1000 hours. D) Can't tell without knowing how much capital is used.
If two economists disagree on an issue and their disagreement is based on personal value judgments, then this controversy is a normative one
a. True b. False
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Answer the following statement true (T) or false (F)