For any competitive labor market, changes that increase the opportunity cost of work will:
A. increase the labor supply and shift the supply curve right.
B. decrease the labor supply and shift the supply curve right.
C. decrease the labor supply and shift the supply curve left.
D. increase the labor supply and shift the supply curve left.
C. decrease the labor supply and shift the supply curve left.
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Which of the following statements is true?
A) Randomization allows for classification of participants according to their choice. B) The subjects in the treatment group and the control group of an experiment are treated identically, except along a single dimension. C) Randomization is not used in medical experiments. D) The subjects in the treatment group and the control group of an experiment are identical in all respects and they are treated identically.
Consider the straight-line demand curve illustrated in the figure above. At a price of $6, demand is
A) inelastic. B) elastic. C) unit elastic. D) More information is needed to determine if the demand is elastic, unit elastic, or inelastic.
By almost every measure of social and economic well-being, for how long after the Civil War (1861–1865) did the South lag behind the rest of the country?
(a) For almost a century (b) For almost a decade before it adapted to life without slavery (c) For only two decades (d) Right down to the present day
Which of the following factors may lead to a decline in the real value of money?
a. Increase in the rate of interest b. Decline in aggregate demand in the economy c. Decrease in money supply d. Increase in the average price level e. Decrease in aggregate output