Assuming all else equal, when the labor demand curve shifts to the left, ________
A) output falls B) unemployment falls
C) inflation rises D) equilibrium wage rises
A
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Suppose that the supply curve remains unchanged. If the demand curve shifts to the right
A) the market clearing price definitely will decrease. B) the market clearing price definitely will increase. C) there will be no change in the market clearing price. D) the market will collapse.
Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, and 15, respectively. The marginal utility of the second unit consumed is:
a. 0. b. 4. c. 12. d. 20.
To an economist, scarcity means that:
a. it is very time-consuming to find a good. b. at a zero price, the available quantity of a good is insufficient to meet people's wants. c. a good is unavailable even at very high prices. d. at the current market price, the amount available is less than the amount that people want and are willing to pay for. e. resources are unlimited but people's desires are limited.
Closing an inflationary gap involves the creation of a surplus budget where tax revenues exceed government spending
Indicate whether the statement is true or false