Each point on the demand curve is
a. demand for the product.
b. a quantity demanded at that price.
c. the amount that people want to buy.
d. the amount people want to buy at different income levels.
e. All of the above are correct.
b
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One of the potential downsides of expansionary fiscal policy is that it often increases
A. national debt. B. taxes. C. budget surpluses. D. unemployment.
The rising minimum wage allegedly has reduced the quantity demanded of teenage labor. However, demographics slightly reduced the supply of teenage labor. The U.S. Department of Labor reported that teenage unemployment is an increasing problem. Which graph in Figure 4-10 is consistent with these facts?
A. 1 B. 2 C. 3 D. 4
Suppose the economy is at a short-run equilibrium GDP that lies below potential GDP. Which of the following will occur because of the automatic mechanism adjusting the economy back to potential GDP?
A) Output will decrease. B) Short-run aggregate supply will shift to the right. C) Unemployment will rise. D) Prices will increase.
The labor demand curve slopes
a. upward to illustrate that the more productive the worker, the higher the real wage the employer is willing to pay that worker b. upward to illustrate that the higher the wage rate, the fewer workers are demanded c. upward or downward in direct proportion to the rate of inflation d. downward to illustrate that the lower the real wage, the more workers employers are willing to hire e. downward to illustrate that the availability of workers is directly proportional to the real wage