What sort of productivity shocks would cause lower real wage growth and result in lower growth in labor productivity?
A) productivity shocks which decrease supply of labor given the demand for labor
B) productivity shocks which increase supply of labor given the demand for labor
C) productivity shocks which increase demand for labor given the supply of labor
D) productivity shocks which decrease demand for labor given the supply of labor
B
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The long run is a time frame in which
A) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied. B) the quantities of all factors of production can be varied. C) the quantities of all factors of production are fixed. D) all costs are sunk costs.
An appreciation of the British pound relative to the euro will cause England's:
a. Aggregate supply and aggregate demand to rise, which causes prices to rise and real GDP to fall. b. Aggregate supply to rise and aggregate demand to fall, which causes prices to rise and real GDP to fall. c. Aggregate supply to rise and aggregate demand to fall, which causes prices to fall and real GDP to change by an uncertain amount. d. Aggregate supply and aggregate demand to fall, which causes prices to rise and real GDP to fall.
Which of the following groups does not have an interest in restricting free trade?
A. People who buy the imported product. B. Producers in import-competing markets. C. Communities where workers in import-competing markets live. D. Workers in import-competing markets.
Since the Fed faces uncertainty regarding effects of its policies, the Fed usually proceeds:
A. forcefully to ensure a desired effect. B. only after a recession is statistically proven to exist. C. only after fiscal policy polices have been enacted. D. cautiously with only small changes in the interest rate.