Holding labor demand constant, a leftward shift of the labor supply curve leads to a shortage in the labor market
a. True
b. False
Indicate whether the statement is true or false
True
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Using the GG-LL framework, analyze the effect of Libya subsidizing the Pakistani Nuclear programs
What will be an ideal response?
Which approach to calculating GDP best highlights the relative importance of different factors of production?
A. The expenditure approach B. The income approach C. The value-added approach D. Any of these measurements would work equally well for that comparison.
Suppose hammers are produced in a perfectly competitive market. Ace Manufacturing is currently producing 1,000 hammers. It estimates that the marginal revenue of selling another hammer is $15, the marginal cost is $17, and the average total cost is $13 . From these figures, an economic consultant would conclude that Ace
a. is making an economic profit of $2,000 b. is maximizing total profit c. should produce more output d. should raise the price of a hammer e. will soon go out of business
Long-run real wages in the United States have:
A. risen because growth in the demand for labor has exceeded growth in the supply of labor. B. risen because the supply of labor has fallen over time. C. fallen because growth in the supply of labor has exceeded growth in the demand for labor. D. fallen because the demand for labor has fallen over time.