Which of the following could explain a decrease in labor supply to a particular labor market?
a. an increased preference for this type of work
b. a decrease in the size of the population
c. an increase in the number of firms in the market
d. a leftward shift of the marginal revenue product curve of labor at a typical firm
e. a reduction in wages rates for similar types of work
B
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Paul Romer, an economist at Stanford University, is most closely associated with what economic theory?
A) the process of creative destruction B) the Communist Manifesto C) new growth theory D) labor productivity theory
Public choice economists focus on:
A. cultural and historical aspects of the market. B. the tensions among social classes. C. economic incentives faced by politicians. D. how the invisible hand achieves harmony and equilibrium through the market.
Refer to Figure 12.7. If Fred's profit in the second rectangle from the top were 1,600 instead of 1,500 then the path of the game would be:
A. Fred chooses a small quantity and Barney enters. B. Fred chooses a large quantity and Barney stays out. C. Fred chooses a large quantity and Barney enters. D. Fred chooses a small quantity and Barney stays out.
An economic variable that moves in the opposite direction as aggregate economic activity (down in expansions, up in contractions) is called
A. procyclical. B. countercyclical. C. acyclical. D. a leading variable.