A change in the wage rate causes a firm's labor demand curve to shift
a. True
b. False
B
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When economists talk about a demand schedule for a product, they mean
A) the amount of a good that consumers intend to purchase at each price in a set of possible prices in a given time period. B) the amount of a good that consumers are able to purchase (though they might not be willing to) at different prices in a given period of time. C) the amount of a good that consumers intend to purchase at only one particular price in a given period of time. D) the amount of a good that producers are willing to make available for sale at a particular price in a given time period.
When a customer deposits $100 into a checking account, the effect is to
a. increase the bank's liabilities. b. decrease the bank's liabilities. c. increase the bank's assets. d. decrease the bank's assets. e. increase both the bank's liabilities and its assets.
From an input perspective,
A. only the cost of a product matters. B. only the performance of the product matters. C. both the price and performance of the product matter. D. the price and performance of the product have to be compared to alternatives.
If a large number of workers are classified as being out of the labor force when they are really looking for work, this will lead to an official unemployment rate that is:
A. overstated. B. understated. C. neither overstated or understated. D. unbiased.