All other things being equal, an increase in the supply of labor will lead to a fall in the wage
a. True
b. False
Indicate whether the statement is true or false
True
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In order for a policy option to achieve allocative efficiency,
a. PVNB must be maximized c. PVC must be minimized b. PVB must be minimized d. (PVB – PVC) must be minimized
In the above figure, at a wage rate of $20 per hour
A) there is a shortage of labor. B) there is a surplus of labor. C) the labor supply curve will shift rightward. D) the labor demand curve will shift rightward.
U.S. net export spending rises when
A) the inflation rate is higher in the United States relative to other countries. B) the value of the U.S. dollar increases relative to other currencies. C) the price level in the United States rises relative to the price level in other countries. D) the growth rate of U.S. GDP is slower than the growth rate of GDP in other countries.
Between 1860 and 1920, the number of mouths fed per farmer
a. decreased by about 10 percent. b. initially decreased, but then returned to its former level and remained there. c. increased by about 50 percent. d. nearly doubled.