As long as additional workers are attracted into the labor force by higher wages, the market labor supply curve is
A. Perfectly inelastic.
B. Horizontal.
C. Upward-sloping.
D. Downward-sloping.
Answer: C
You might also like to view...
According to Figure 6.1, the period from 1974 to 1995 is particularly remarkable for the slow growth of ________
A) output per worker B) labor input C) output D) capital input
Assume that a hurricane in Brazil destroys half of the coffee crop. Considering that Brazil is a major coffee producing country, consumers expect the price of coffee to increase in the near future. How does this reflect on the demand for coffee?
a. There is a movement upward along the demand curve for coffee. b. The demand curve for coffee shifts inward. c. The demand curve for coffee shifts outward. d. There is a movement downward along the demand curve for coffee. e. The demand for coffee declines.
The first step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
Government spending on transfer payment programs such as public assistance and agriculture are governed by the principles of
a. efficiency and accountability b. nonexclusivity and nonrivalry c. private and social d. equity and stability e. taxation and subsidies