If the marginal product of labor increases because of a shift of the MP curve, that will likely cause
a. an increase in the price of output produced by labor
b. an increase in labor demand
c. an increase in labor supply
d. a fall in the wage paid to labor
e. a fall in the number of workers employed
B
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The Phillips curve indicates that when the labor market is ________, production costs will ________ and aggregate supply increases
A) easy; rise B) easy; fall C) tight; fall D) tight; rise
During the 1970s, demand-management policy: a. continued to be highly successful in curing the economy's economic problems
b. was found to be highly unsuitable in periods of stagflation such as the decade of the 1970s. c. was so unsuccessful that economists advised a return to the pre-World War II philosophy of fiscal policy. d. was unsuccessful because automatic stabilizers no longer influenced the economy. e. was unsuitable because it affected aggregate supply more than aggregate demand.
If Janice earns $50,000 a year and pays $500 in taxes, and Cam earns $100,000 a year and pays $20,000 in taxes, the tax system must be:
A. regressive. B. progressive. C. proportional. D. lump-sum.
Since there are long waiting lists for tickets to events that regularly occur (Duke basketball, the August NASCAR race in Bristol, Tennessee, etc.), a profit-maximizing promoter might
A. lower ticket prices. B. eliminate seating. C. eliminate the event altogether. D. increase seating.