If the price of output increases, the labor ________ curve shifts to the ________.
A. demand; left
B. demand; right
C. supply; left
D. supply; right
Answer: B
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Whenever the supply of a product increases and the demand for the product decreases,
a. the quantity exchanged in the market will increase. b. equilibrium price will rise. c. the quantity exchanged in the market will decrease. d. equilibrium price will fall.
Regardless of income level, when the ratio of taxes paid to income is constant then it is called
A. lump sum tax. B. marginal tax. C. progressive tax. D. proportional tax.
Process-oriented notions of equity:
A. focus on the procedures used to arrive at an allocation of resources as well as on the allocation itself. B. focus on whether the process used to allocate resources yields fair results. C. focus on what people could choose rather than what they actually choose. D. focus on what people actually choose, regardless of the choices available.
Which of the following are tools used by the Fed to implement monetary policy?
A. Printing Federal Reserve notes B. Open market operations C. Minting coins D. Regulating banks activities