As the economy moves down an effective labor demand curve,
A. output declines and employment rises.
B. output rises and employment rises.
C. output rises and employment declines.
D. output declines and employment declines.
Answer: D
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Suppose that the money wage in the economy increases by 8 percent. As a result the
A) long-run aggregate supply will decrease. B) long-run and the short-run aggregate supply both decrease. C) short-run aggregate supply will decrease. D) long-run aggregate supply will increase and the short-run aggregate supply will decrease.
Refer to Table 22-2. Calculate the GDP per capita for each country in the table. Which country has the highest standard of living? Why?
What will be an ideal response?
Uncoordinated decisions in perfect competition lead to mass confusion and inefficiency.
Answer the following statement true (T) or false (F)
Explain how to derive the demand for an input