A leftward shift of a supply curve is called a(n)
a. decrease in demand
b. increase in supply
c. decrease in supply
d. increase in quantity supplied
e. decrease in quantity supplied
C
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Which of the following statements is TRUE about the difference between the public debt and the government budget deficit?
A) The public debt is a flow measure and the government budget deficit is not a flow measure. B) There is no relationship between the public debt and the government budget deficit since one is a stock measure and the other is a flow measure. C) The public debt always increases while the government budget deficit may increase or decrease. D) The public debt for this year will increase or decrease depending upon whether there is a government budget deficit or a government budget surplus.
Bringing oil to the market is a relatively long and costly process. The whole process from exploration to pumping significant amounts of oil can take years. What does this indicate about the price elasticity of supply for oil?
A) The elasticity coefficient is likely to be very high and supply is inelastic. B) The elasticity coefficient is likely to be low and supply is highly inelastic. C) The elasticity coefficient is likely to be low and supply is highly elastic. D) The elasticity coefficient is likely to be close to zero and supply is perfectly elastic.
An increase in the marginal factor cost of labor will
A) lead to an increase in the quantity demanded of labor. B) induce a firm to hire fewer workers. C) lead to an increase in the value of an additional worker. D) cause the value of the marginal product of labor to increase.
High-wage workers are
A. more likely than low-wage workers to supply more labor when the wage rate rises. B. about as likely as low-wage workers to supply more labor when the wage rate rises. C. less likely than low-wage workers to supply more labor when the wage rate rises. D. about as likely as low-wages workers to supply less labor when the wage rate rises.