The labor supply curve will shift to the right under which of the following conditions?
a. other things being equal, workers are willing to supply more hours of labor each week
b. new workers enter the labor market
c. a new law relaxes immigration quotas
d. all of the above
d
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Government intervention in the economy with the goal of promoting technology-producing industries is known as patent policy
a. True b. False Indicate whether the statement is true or false
The elimination of automatic stabilizers would decrease the need for other fiscal policies.
Answer the following statement true (T) or false (F)
Suppose the exchange rates between the United States and Canada are in long-run equilibrium as defined by the idea of purchasing power parity. If the law of one price holds perfectly, then differences between U.S. and Canadian rates of inflation would
A) have no effect on nominal exchange rates. B) be completely offset by changes in the real exchange rate. C) be completely offset by changes in the nominal exchange rate. D) lead to a change in the real purchasing power of each country's currency when it is converted to the other country's currency.
A firm is currently producing an output at which price equals the minimum point on the average variable cost curve. If wage rates increase, the firm will
A. not make any changes since its current rate of output is still minimizing its losses. B. increase its rate of output to make up for the higher variable costs. C. shut down since it would no longer be covering its variable costs. D. decrease its rate of output to offset the higher variable costs.