Government health and safety regulations or anti-discrimination laws can reduce real wages by:
A. increasing worker productivity.
B. decreasing the demand for labor.
C. reducing employer costs.
D. decreasing the supply of labor.
Answer: B
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Refer to the table below. If the profit for each unit of paper product is $3.00 and the profit for each unit of lumber is $13.50, the profit-maximizing quantity of lumber and paper products is located between which to points on Big Oaks' production possibilities frontier?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) B and C
B) D and E
C) E and F
D) C and D
The relative income hypothesis, stating that MPC remains constant as national income increases, was proposed by
a. Keynes b. Friedman c. Duesenberry d. Marshall e. Modigliani
In terms of gains from trade, why is it true that taxes cause deadweight losses?
An economic boom predicts the new equilibrium wage would be:
A. higher because the labor demand curve shifts right. B. lower because the labor demand curve shifts right. C. lower because the labor demand curve shifts left. D. higher because the labor demand curve shifts left.