An increase in the price of a firm's output will shift the firm's demand curve for labor to the right, other things being equal
a. True
b. False
Indicate whether the statement is true or false
True
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Consider the following simplified sequence of exchanges. A logger sells an oak tree to a sawmill owner for $60. The sawmill mills it, and sells the boards to a woodworker for $80
The woodworker makes an oak bookcase out of the boards, and sells it to a retailer for $300. The retailer then sells you the bookcase for $500. As a result, GDP increases by A) $200. B) $300. C) $440. D) $500. E) $940.
The mercantilism policy failed to generate gains from trade for countries which adopted it because of: a. increases in consumer spending
b. high levels of federal debt. c. supply-side shocks from the oil-exporting countries. d. runaway inflation in the U.S. e. retaliations from other countries.
Import quotas and tariffs produce similar results. Which of the following is not one of those results?
a. The domestic price of the good increases. b. Consumer surplus of domestic consumers increases. c. Producer surplus of domestic producers increases. d. A deadweight loss is experienced by the domestic country.
Table 5.1National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$4,565Exports$740Government purchases of goods and services$1,465Social Security taxes$510Net investment$225Indirect business taxes$520Imports$825Gross investment$865Corporate income taxes$185Personal income taxes$750Corporate retained earnings$45Net foreign factor income$20Government transfer payments to households$690Net interest payments to households$0On the basis of Table 5.1, personal saving is
A. $205 billion. B. $305 billion. C. $1,215 billion. D. $1,130 billion.