In Figure 10.3, an increase in the demand for labor will cause the equilibrium:
A. wage and hours of labor used to increase.
B. wage and hours of labor used to decrease.
C. wage to increase and hours of labor used to decrease.
D. wage to decrease and hours of labor used to increase.
Answer: A
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Internal ownership of the debt refers to the portion of the national debt owned by government agencies
a. True b. False Indicate whether the statement is true or false
In Figure 9-13, a movement of long-run equilibrium from point A to point C could be caused by a(n)
a.
decrease in supply from S2 to S1 in response to economic profits following a decrease in demand from D2 to D1
b.
increase in short-run supply from S1 to S2
c.
increase in supply from S1 to S2 in response to economic profits following an increase in demand from D1 to D2
d.
increase in demand from D1 to D2 in the short run
The first part of the expansion phase of the cycle is
A. recovery. B. prosperity. C. recession. D. depression.
The law of ________ explains why a marginal revenue product schedule eventually declines.
A. increasing marginal opportunity costs B. diminishing marginal returns C. increasing marginal returns D. diminishing marginal opportunity costs