An increase in the size of the working-age population:
A. increases labor demand.
B. increases labor supply.
C. decreases labor supply.
D. decreases labor demand.
Answer: B
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When the price of the good or service it produces rises, the firm's
A) demand for labor curve shifts rightward. B) demand for labor curve shifts leftward. C) demand for labor curve remains unchanged. D) output decreases.
which one of the following is most likely to reduce the mobility of labor between jobs?
a. the taxation of unemployment compensation in the same manner as income from other sources b. both b and c above c. legislation relaxing licensing requirements for entry into many occupations d. an increase in the minimum wage
Assume you are spending your full budget and purchasing such amounts of X and Y that the marginal utility from the last units consumed is 40 and 20 utils respectively. Assume (a) the prices of X and Y are $8 and $4 respectively; (b) it takes 3 hours to
consume a unit of X and 1 hour to consume a unit of Y; and (c) your time is worth $2 per hour. You: A. should substitute X for Y until the marginal utility per hour is the same for both products. B. are consuming X and Y in the optimal amounts. C. should consume less of Y and more of X. D. should consume less of X and more of Y.
If a product is a normal good, an increase in your income will
A) increase demand for the product. B) decrease demand for the product. C) increase supply of the product. D) decrease supply of the product.