An increase in the marginal productivity of labor will tend to
a. shift the labor supply curve rightward if the change is temporary.
b. result in an increase in employment if the change is temporary.
c. result in an increase in employment if the change is permanent.
d. all of the above.
d. all of the above.
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
One of the reasons communism failed was because:
a. governments ran out of money. b. workers received the same pay whether or not they worked hard. c. there was no unemployment. d. Mao Zedong passed away. e. technological improvements were impossible in a communist economy.
Refer to the graph shown. Producer surplus that is lost to society as a result of monopoly is:
A. $5.00. B. $15.625. C. $16.875. D. $2.50.
In a perfectly competitive market, an increase in market demand in a long-run constant-cost industry causes:
A. a decrease in price, a decrease in quantity, and a decrease in profit in the short run. B. an increase in price, quantity, and profit in the long run. C. an increase in price, quantity, and profit in the short run. D. a decrease in price, a decrease in quantity, and a decrease in profit in the long run.