Refer to the information provided in Figure 6.13 below to answer the question(s) that follow.
Figure 6.13Refer to Figure 6.13. Assume Megan has two products available, pizza and hamburgers. Megan must be compensated with more hamburgers as she gives up more pizzas. The curve in Panel ________ represents her indifference curve.
A. A
B. B
C. C
D. D
Answer: B
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If population growth occurs while jobs are difficult to obtain or labor force participation does not increase
A) there may be little or no increase in a nation's labor resources. B) per capita GDP is likely to increase sharply. C) economic growth will be robust because any population gain is a plus. D) a nation's labor resources will still continue to increase in both quality and quantity.
If the price of labor falls, we can expect:
a. demand for labor will increase. b. quantity demanded of labor will increase. c. demand for labor will decrease. d. quantity demanded of labor will decrease. e. marginal factor cost to rise in a competitive market.
Total product will start to decrease
A) at the quantity where the law of diminishing returns starts. B) when average physical product decreases. C) when marginal physical product increases. D) when marginal physical product becomes negative.
If the number of sellers decreases, then the supply curve ________ and the supply ________
A) shifts rightward; increases B) shifts leftward; decreases C) does not shift; does not change, but there is a decrease in the quantity supplied D) shifts leftward; increases E) shifts rightward; decreases