An increase in the value of the marginal product of labor has the effect of increasing the
a. demand for labor.
b. wage.
c. quantity of labor employed.
d. All of the above are correct.
d
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To determine the equilibrium price level and equilibrium level of real GDP, the aggregate demand and aggregate supply must
A) be considered as a multiplier. B) be disregarded. C) be considered separately. D) intersect.
If people expect prices to fall in the future, today
a. the consumption curve shifts downward b. the consumption curve shifts upward c. the investment curve shifts downward d. there will be an upward movement along their consumption curves e. there will be a downward movement along their consumption curves
Many persons opposed to wealth redistribution maintain that taxing the “winners” of the economic game provides incentive to __________.
A. save more money instead of spending it B. Make even more money to replace the money taxed away C. avoid risk-taking and more wealth creation
An example of a price ceiling would be:
A. a ration coupon. B. a guarantee of a target price for farm products. C. parity pricing. D. rent control.