A technological advance that increases the marginal product of labor will
A. decrease the demand for labor.
B. increase the supply for labor.
C. decrease the supply for labor.
D. increase the demand for labor.
D. increase the demand for labor.
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If products A and B are complements and the price of B decreases, the:
A. demand for A will decline and the demand for B will increase. B. demand for A will increase and the amount of B demanded will increase. C. demand curves for both A and B will shift to the left. D. amount of B purchased will increase, but the demand curve for A will not shift.
An indirect or inverse relationship between price and quantity demanded is
A. a demand curve. B. a supply curve. C. the market clearing price. D. a change in demand.
Suppose the government provides a tax cut today that is matched by a tax increase in the future that's equal in present value to the tax cut. This causes a consumer's saving to
A. increase. B. remain unchanged. C. decrease. D. increase if the person was a lender and decrease if the person was a borrower.
Refer to Table 9-2. Assume the market basket for the consumer price index has two products — bread and milk — with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 118. B) 116. C) 86. D) 85.