A decrease in population shifts the
A) labor demand curve rightward.
B) labor demand curve leftward.
C) labor supply curve rightward.
D) labor supply curve leftward.
D
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Suppose a nation's real Gross Domestic Product (GDP) grows at a rate of 2 percent per year while its population grows 2 percent annually. Given this information, this nation's annual rate of per capita real GDP growth is equal to
A) 1 percent. B) -1 percent. C) 0 percent. D) 4 percent.
Which of the following describes a situation in which demand must be elastic?
a. The price of pens rises by 10 cents, and quantity of pens demanded falls by 50. b. The price of pens rises by 10 cents, and total revenue rises. c. A 20 percent increase in the price of pens leads to a 20 percent decrease in the quantity of pens demanded. d. Total revenue does not change when the price of pens rises. e. Total revenue decreases when the price of pencils rises.
In comparing a job that requires a high level of skill to one for a job that requires a low skill level, the high-skill job
a. will always command a higher wage than the low-skill job b. can command a higher wage only if there is sufficient demand for the output produced by the job c. will command a higher wage whenever the nonmonetary characteristics of the two jobs are equivalent d. will command a higher wage whenever there is a relatively low supply of labor with the required skill level e. will command a higher wage whenever the two labor markets are perfectly competitive
In which of the following years was a tax cut ineffective in stimulating aggregate demand?
a. 1964 b. 1975 c. 1981 d. 1999