Which of the following situations will shift a worker's labor supply curve to the left?
a. Higher nonlabor income.
b. A lower wage rate, assuming the substitution effect dominates the income effect.
c. New machinery that substitutes for labor and lowers its marginal product.
d. A decrease in the marginal value of leisure.
a. Higher nonlabor income.
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The goods and services provided by hospitals, doctors, therapists, and pharmacies are collectively referred to as ________
Fill in the blank(s) with correct word
The __________ "Hausbank" handles all the external financing for a firm
A) Japanese B) German C) Swedish D) British
Economic theory predicts that
(a) market forces impose stiff penalties on profits whenever enterprises discriminate against individuals on any basis other than productivity. (b) government intervention is required to combat discrimination. (c) market mechanisms and government interventions are weak in addressing issues of discrimination. However, government is relatively stronger. (d) discrimination is a necessary part of life private and public life.
Infant-industry protection requires some segment of the economy to incur the higher costs when local production is inefficient.
a. true b. false