Suppose when you are offered $8.00 per hour to work in the campus library, you choose not to work, but when you are offered $12.00 per hour, you accept a part-time position. Your behavior can best be explained by the fact that your supply of labor curve is:
A. upward-sloping.
B. vertical.
C. horizontal.
D. downward-sloping.
Answer: A
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During the 1970s, real shocks to the U.S. economy caused:
a. an increase in both aggregate demand and aggregate supply. b. an increase in both the price level and the unemployment rate. c. a leftward shift of the Phillips curve. d. a decline in inflation but higher unemployment. e. a decline in both the price level and the unemployment rate.
The demand curve for a monopolist's output is
a. horizontal. b. shallower than the market demand curve. c. steeper than the market demand curve. d. identical to the market demand curve.
The most common estimate of the value of transactions used to estimate velocity is
a. real GDP. b. total sales. c. nominal GDP. d. cash balances.
If the government wants to reduce the burning of fossil fuels, it should impose a tax on
a. buyers of gasoline. b. sellers of gasoline. c. either buyers or sellers of gasoline. d. whichever side of the market is less elastic.