A decrease in worker productivity
A. reduces the demand for labor.
B. reduces the supply of labor.
C. increases the demand for labor.
D. increases the supply of labor.
Answer: A
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The opportunity cost of producing one additional truck is
A. the profit that could have been earned from selling that truck. B. the amount of other goods that could not be produced because productive resources were used instead to produce that truck. C. the price of the truck. D. all of the choices are true.
When Frank's income rises from $29,000 to $34,000 per year, he increases his purchases of tomatoes from 20 pounds to 28 pounds per year
What is Frank's income elasticity of demand for tomatoes? (Use the midpoint formula.) According to Frank, are tomatoes an inferior or normal good?
The late 1990s, the U.S. stock market boomed, causing U.S. consumption to rise. Economists refer to this outcome as the:
A. Keynes effect. B. interest-rate effect. C. wealth effect. D. multiplier effect.
An increase in the real wage rate will cause
A. the labor demand curve to shift to the left. B. the quantity of labor demanded to rise. C. the labor demand curve to shift to the right. D. a movement along the labor demand curve.