The labor ____________ curve(s) will shift _______________ if there is an increase in productivity or an increase in the demand for the final product.
a. demand; left
b. supply; left
c. demand; right
d. supply; right
c. demand; right
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The proportion of total direct expenditure made by local governments is called the centralization ratio.
A. True B. False C. Uncertain
We know that in antiquity, China exported silk because no one in any other country knew how to produce this product. From this information we know that
A) China had a comparative advantage in silk. B) China had an absolute advantage, but not a comparative advantage in silk. C) no comparative advantage could exist because the technology was not diffused. D) China exported silk for political reasons even though it had no comparative advantage. E) China was unable to profit by exporting silk because it was unknown in the rest of the world.
Suppose the Fed conducts an open market purchase. We can expect this transaction to
A) reduce the money supply, increase bond prices, and lower interest rates. B) increase the money supply, lower bond prices, and lower interest rates. C) increase the money supply, raise bond prices, and lower interest rates. D) reduce the money supply, reduce bond prices, and increase interest rates.
In determining one's personal income tax, taxable income is:
A. total income less deductions and exemptions. B. all income. C. all income other than wages and salaries. D. wage and salary income only.