If the government increases funding to college work-study programs, which of the following would happen in the labor market?
a. Wages will increase and the labor force will increase.
b. The labor force will decrease but there will be an ambiguous change in the wage.
c. Wages will decrease and the labor force will increase.
d. The labor force will increase but there will be an ambiguous change in the wage.
e. Wages will increase and the labor force will decrease.
A
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The global financial panic in September 2008 that led to a sharp fall in business investment spending and consumer spending can be viewed as: a. a sharp decrease in aggregate supply
b. a sharp decrease in aggregate demand. c. a sharp decrease in both aggregate supply and aggregate demand. d. a modest increase in aggregate supply. e. a modest increase in both aggregate demand and aggregate supply.
Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?
A. The price of orange juice will increase, and the quantity purchased will fall. B. The price of orange juice will fall, and the quantity purchased will increase. C. The price of orange juice will increase, and the quantity purchased will increase. D. The price of orange juice will fall, and the quantity purchased will fall.
An increase in a nation's financial liabilities to foreign residents is a
A. capital imports. B. capital outflow. C. reserve inflow. D. reserve outflow.
In a perfectly competitive labor market, the wage rate paid by the individual firm is
A. the equilibrium market wage rate. B. a function of the tax system. C. below the equilibrium market wage rate. D. dependent on the demand for the product.