If a country's working-age population declines and its wealth increases, then the labor supply curve
A) shifts to the left if the effect of the change in wealth is bigger than the effect of the change in the working-age population.
B) shifts to the right if the effect of the change in wealth is bigger than the effect of the change in the working-age population.
C) shifts to the left.
D) shifts to the right.
C
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Suppose you pay $290.00 for a new tablet computer. This is an example of
A) money as a store of value. B) money as a standard of deferred payment. C) barter. D) money as a medium of exchange.
Speculators who expect a corn harvest next fall much larger than anyone now anticipates will
A) lower current corn prices and raise September prices above what they would be in the absence of the speculators. B) lower current corn prices and lower September prices below what they would be in the absence of the speculators. C) raise current corn prices and lower September prices below what they would be in the absence of the speculators. D) raise current corn prices and raise September prices above what they would be in the absence of the speculators. E) raise the expected September price of corn.
Of the choices given below, Jimmy, whose utility of wealth schedule is given above, prefers
A) option A: $300 with certainty. B) option B: 50 percent chance of $200 and 50 percent chance of $400. C) option C: 50 percent chance of $200 and 50 percent chance of $700. D) option D: 90 percent chance of $400 and 10 percent chance of $0.
Relative to the demand curve for low-skilled workers, the demand curve for high-skilled workers lies
A) to the right. B) to the left. C) below. D) in the same place.