The labor ____ curve(s) will shift if there is a change in productivity or a change in the demand for the final product
a. supply
b. demand
c. supply and demand
d. None of the above are correct. Changes in productivity and the demand for final products do not affect the labor market.
b
You might also like to view...
To find the opportunity cost of producing one more unit of any product while on the production possibilities frontier requires
A) subtracting the change in the product whose production increased from the change in the product whose production decreased. B) dividing the amount of the product forgone by the amount of the product gained. C) setting the amounts of the two products equal to each other. D) setting the change in one product equal to the change in the other product. E) None of these describes how to find opportunity cost.
Which of the following public policies is an example of a price ceiling?
A) Support prices for agricultural commodities B) Minimum wage laws C) Rent control program D) all of the above
Which of the following is a key factor in opening up trade between countries?
a. Differences in consumer income b. Differences in opportunity costs c. Differences in growth rates d. Differences in consumption patterns
GDP understates the amount of economic production in the United States because it excludes:
A. Spending for the U.S. military B. Transfer payments C. Purchases of stocks and bonds D. Work performed by people for their own benefit