The demand curve for labor will shift whenever
A) the wage rate changes.
B) the marginal factor cost changes.
C) demand for the final product changes.
D) the supply of labor changes.
Answer: C
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In the long run, if the prices of goods and services are higher than before the aggregate quantity:
A. supplied will be higher. B. demanded will be lower. C. supplied will not change. D. demanded will be higher.
The Added Perspective in the text refers to the success—or lack of success—of econometric computer models as an aid in economic forecasting. It argues that they have
a. sharpened forecasts to such an extent that they are almost 100 percent reliable b. eliminated all "errors and omissions" in forecasting models c. worsened the success to non-success ratio of economic forecasts d. led to better predictions but still cannot forecast major "turning points" e. not led to better predictions except in forecasting major "turning points"
The market demand curve for a perfectly competitive industry is
a. perfectly horizontal b. perfectly vertical c. upward sloping d. downward sloping e. nonexistent in perfect competition
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.