The figure above shows the U.S. supply of labor curve. What was the effect of the decline in birth rates during the 1960s and 1970s on the supply of labor curve in the 1980s?
A) a leftward shift of the supply of labor curve
B) a rightward shift of the supply of labor curve
C) a movement downward along the supply of labor curve from a point such as A to a point such as B
D) The supply of labor curve became steeper.
E) None of the above answers is correct because there was no change in the supply of labor curve.
A
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The above table shows some national income accounting data for a nation. In this nation, gross domestic product is equal to ________ billion
A) $2,000 B) $2,300 C) $2,500 D) $2,800
The Loma Linda City Council made it official in June 2008, passing the most restrictive smoking ordinance yet in the Inland area. Dr. Linda Ferry, who counsels veterans on quitting smoking at Jerry L
Pettis Memorial VA Medical Center, said that the smoking ordinance would protect children from exposure to secondhand smoke and discourage teenagers and adults from taking up smoking. What is TRUE about this situation? A) Marginal external costs are negative. B) Marginal external benefits are positive. C) Marginal external costs are positive. D) Marginal external benefits are negative.
Keynesian economists tend to believe that the private sector of the economy (households and businesses) is inherently
A. very stable in its consumption and investment decisions. B. unstable in its consumption and investment decisions. C. smaller than the foreign trade sector of the economy.
The perfectly competitive firm's supply curve includes
a. that portion of the marginal cost curve above the minimum point on the average variable cost curve b. its economic profit schedule c. that portion of the marginal revenue curve above minimum average variable cost d. that portion of the average total cost curve above minimum average variable cost e. the firm's effective resource demand curve