Since we all like to get richer, so when wage rate increases we always like to work longer hours to make more income
a. True
b. False
Indicate whether the statement is true or false
False
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Based on the production data for Pat's Pizza Parlor in the above table, which of the following pair of workers have the same average product?
A) 1 and 2 B) 2 and 4 C) 1 and 5 D) 2 and 5
Why is the debate between the international dependence and the neoclassical counter-revolution schools referred to as "finger pointing?"
What will be an ideal response?
Many people argue against increasing the minimum wage because it would result in increased unemployment. Which of the following best explains this argument? A higher minimum wage rate would
a. increase the supply of labor while decreasing the demand for labor b. decrease the supply of labor while increasing the demand for labor c. increase the quantity supplied of labor while decreasing the quantity demanded of labor d. decrease the quantity supplied of labor while increasing the quantity demanded of labor e. increase the supply of labor while decreasing the cost of labor
Raising taxes as an element of discretionary fiscal policy is intended to reduce aggregate demand, but it can also reduce aggregate supply if
a. the higher taxes lead workers to seek out a second job. b. the higher taxes cause workers to work less. c. the government purchases goods with the additional revenue. d. the government uses the additional revenue to retire some of the federal debt. e. the higher taxes cause people to save less.