Consider a labor market in equilibrium. If both demand curve and supply curve of labor shift to the right, then the number of workers hired in the market will:
A. increase.
B. decrease.
C. remain unchanged.
D. either increase or decrease or remain unchanged.
Answer: A
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A lump-sum tax, such as a $1000 tax that every family must pay one time, is
A) negatively related to real GDP. B) an autonomous tax. C) a regressive tax. D) a type of income tax.
When analyzing graphically the relationship between more than two variables, which of the following must be used?
A) the assumption that only relevant factors change B) positive slope assumption C) assumption of little change D) negative slope assumption E) ceteris paribus
At one point along a PPF 40 tons of wheat are produced while 80 tons of rice are produced. At another point along the same PPF, 41 tons of wheat are produced while 70 tons of rice are produced
The opportunity cost of producing a ton of wheat between these points is ________ per ton of wheat. A) 1/2 ton of rice B) 10 tons of rice C) 1/10 ton of rice D) 4/7 ton of rice
A recent study found that an increase in the federal tax on beer (and thus an increase in the price of beer) would reduce the demand for marijuana. We can conclude that:
A. beer and marijuana are substitute goods. B. beer and marijuana are complementary goods. C. beer is an inferior good. D. marijuana is an inferior good.