Which of the following factors will not cause the labor demand curve to shift?
A) the wage rate
B) changes in technology
C) a change in the price of the product produced with labor
D) increases in human capital
A
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The total quantity of a good that all buyers in the market would buy at various prices at a given time is known as
a. individual demand. b. conglomerate demand. c. market demand. d. additive demand.
During the Iraq War, the U.S. government continued to borrow funds and yet the interest rate was steady or slightly declined. What could explain this?
A) The U.S. crowded out private saving. B) The U.S. crowded out private borrowing. C) The supply of loanable funds increased by a greater proportion than demand increased. D) The supply of loanable funds increased by a smaller proportion than demand increased.
Because GDP does not fully account for improvements in the quality of goods, the GDP calculation
a. tends to overstate the true value of output in the United States. b. tends to understate the true value of output in the United States. c. provides an accurate value of output in the United States. d. measures the value correctly because price changes always capture the value of quality changes.
Inflation is defined as:
a) An increase in the price of expensive items, such as cars. b) An increase in relative prices. c) An increase in the average level of prices. d) The level of prices at full-employment.