Which of the following would not shift a market labor supply curve to the right?
a. a decrease in the wage paid to workers in a competing market
b. labor-augmenting technology
c. a change in worker tastes so that workers want to retire later
d. an increase in immigration
b
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In the Classical system, the total output of goods and services and total employment are determined by all of the following except
A) the interest rate. B) the labor force. C) the supply of capital. D) existing technology.
The factor of production called "labor" can be defined as the:
A. time spent by employees in the production of goods, but not services. B. fraction of total costs spent on people. C. number of worker-hours a business uses at a given time. D. number of people a business has access to at any given time.
When a payroll tax is enacted, the wage received by workers
a. falls, and the wage paid by firms rises. b. falls, and the wage paid by firms falls. c. rises, and the wage paid by firms falls. d. rises, and the wage paid by firms rises.
Higher interest rates lead to lower investment spending.
Answer the following statement true (T) or false (F)