An upward-sloping labor-supply curve implies that an increase in the wage induces
a. firms to increase the quantity of labor they hire.
b. firms to increase the quantity of output they produce.
c. workers to decrease the quantity of leisure they enjoy.
d. All of the above are correct.
c
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Which of the following goods will have the most elastic demand at any time?
a. coffee b. gasoline c. restaurant meals d. insulin
Which of the following has tended to increase the competitiveness of markets in the United States during the last couple of decades?
a. increases in transport costs b. development of the Internet c. decreased competition from imports d. more government regulation of product quality
Which of the following supply-side efforts was embraced by the second Bush administration in 2001?
A. Reduction in marginal tax rates. B. Reduction of the deficit. C. Reduction in spending on infrastructure. D. Increase in government environmental regulations.
A computer programmer working in India relocates to the United States. This is an example of
A. cross-border trade. B. international outsourcing. C. factor intensity reversal. D. factor mobility.