If the price of the output produced by a particular type of labor decreases, which of the following shifts should occur in the labor market for the particular type of labor?
A. Demand for labor should shift to the right.
B. Supply of labor should shift to the right.
C. Demand for labor should shift to the left.
D. Supply of labor should shift to the left.
Answer: C
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Which of the following was NOT one of the causes of the Asian financial crises of 1997 and 1998?
A) A current account deficit and financial account surpluses B) The use of exports as an engine of economic growth by the countries involved C) China's 1994 devaluation of its fixed exchange rate D) The appreciation of the U.S. dollar and depreciation of the Japanese yen E) Crony capitalism
If wealthy U.S. consumers save most of their tax cut, this means that, compared to government spending changes,
a. tax changes would have a higher multiplier effect. b. tax changes would have a weaker multiplier effect. c. government spending would have a weaker multiplier effect. d. U.S. consumers would spend all of their tax cut.
What is meant by accommodation?
Which of the following is an example of a positive economic statement?
A. In order to reduce the budget deficit, tax rates should be increased. B. If gas prices fall, consumers should purchase more gas. C. If payroll taxes are raised, then the government budget will show a surplus. D. In order to increase employment, the minimum wage must be decreased.