. If firms perceive that the economy is slowing down or entering a recession, then they will wish to hire a _____ quantity of labor at any given wage, and the labor demand curve will shift to the _____.
a. greater; left
b. greater; right
c. lower; left
d. lower; right
c. lower; left
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Between September 2007 and March 2008 there was a substantial reduction in the demand for housing. What action did the Fed take in response to the reduction in the demand for housing?
A) The Federal Reserve cut the federal funds rate seven times. B) The Federal Reserve decreased the required reserve rate. C) The Federal Reserve raised the discount rate by 3 percentage points. D) The Fed conducted open market sales of Treasury securities.
Which of the following business combinations likely exhibit economies of scope?
A) Banking services for individuals and banking services for other business B) Retail clothing stores and electronic (internet) clothing sales C) Hospitals that perform heart surgery and hospitals that perform cosmetic surgery D) all of the above
Consider the two statements: I. X is an inferior good. II. X exhibits Giffen's Paradox. Which of the following is true?
a. I implies II, but II does not necessarily imply I. b. II implies I, but I does not necessarily imply II. c. I and II are statements of the same phenomenon.
What inputs are included in the aggregate production function, and what is the economic impact of those inputs?
What will be an ideal response?