Assume the supply curve of labor has the usual shape. If the wage rate is $10, 1,000 carpenters are willing to supply their labor. If the wage rate increases to $20, the
a. quantity supplied of labor will be more than 1,000
b. quantity supplied of labor will be less than 1,000
c. labor supply curve shifts to the right
d. labor supply curve shifts to the left
e. same amount of carpentry labor will be supplied
A
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An example of an automatic stabilizer is:
A. increased unemployment rates cause the government to pay out more in unemployment insurance. B. increased tax revenues due to nominalincome going up during a boom. C. reduced unemployment rates during a boom means more people working, and the government pays less out in food assistance. D. All of these are examples of automatic stabilizers.
When businesses earn zero economic profit, they have no incentive to stay in business.
Answer the following statement true (T) or false (F)
We would expect a cartel to achieve:
A. both allocative efficiency and productive efficiency. B. allocative efficiency but not productive efficiency. C. productive efficiency but not allocative efficiency. D. neither allocative efficiency nor productive efficiency.
When the dollar appreciates relative to foreign currencies, it means that:
A. We need more dollars to buy each unit of another currency B. We can buy less foreign currency with a given amount of dollars C. The value of foreign currencies decreased relative to our dollar D. Foreigners need less of their currency to buy one dollar