The demand curve for labor slopes downward because:
a. few workers are willing to work at low wages
b. capital has been substituted for labor in most industries.
c. of the diminishing marginal product of labor.
d. of all of the above.
c
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Under a gold standard,
A. with a balance of payments deficit, interest rates would fall and attract foreign capital. B. a deficit in the balance of payments increased a nation’s money supply automatically. C. all currencies were defined in terms of gold. D. when a nation had a deficit in its balance of payments, more gold was flowing in than was flowing out. E. All of the above are correct.
The average cost of the distortion created by taxes
A) increases proportionately with the tax rate. B) is lower when the tax rate is constant than when it fluctuates. C) is higher when the tax rate is constant than when it fluctuates. D) equals the square root of the tax rate.
Gross domestic product is the value of all final goods and services produced within a country during a given period of time
a. True b. False Indicate whether the statement is true or false