Which of the following would cause a rightward shift in the labor demand curve?
a. A rise in the demand for leisure hours.
b. A rise in the wage rate.
c. A rise in workers' marginal productivity.
d. A decline in workers' nonlabor incomes.
c. A rise in workers' marginal productivity.
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The above figure shows the market for oil. Because of the development of a new deep sea drilling technology the
A) demand curve shifts from D1 to D2 and the supply curve does not shift. B) demand curve shifts from D1 to D2 and the supply curve shifts from S1 to S2. C) demand curve does not shift, and the supply curve shifts from S2 to S1. D) demand curve does not shift, and the supply curve shifts from S1 to S2.
Since the Social Security benefits of retirees are a function of the taxes paid by others, it is easy to predict that _____
a. older voters are likely to vote against higher taxes in exchange for higher benefits b. older voters are likely to vote for higher taxes in exchange for higher benefits c. older voters will be indifferent between higher taxes and higher benefits d. older voters will generally not get what they want
The equilibrium wage rate is determined by
A. Market labor supply and market labor demand. B. Labor unions. C. Firms but not individuals. D. Individuals but not firms.
Explain what happens in the extended aggregate demand and aggregate supply model when there is a recession.
What will be an ideal response?