Any increase in the present value of taxes for the consumer implies
A) an increase in lifetime wealth and an increase in current labor supply.
B) an increase in lifetime wealth and a decrease in current labor supply.
C) a decrease in lifetime wealth and an increase in current labor supply.
D) a decrease in lifetime wealth and a decrease in current labor supply.
C
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Any change that causes an increase in the demand for labor at a given wage rate will be represented by a(n) ________, assuming all else equal
A) rightward shift of the labor demand curve B) leftward shift in the labor demand curve C) downward movement along the labor demand curve D) upward movement along the labor demand curve
As the level of real GDP increases, the short-run aggregate supply curve:
a. shifts to the right. b. shifts to the left. c. becomes flatter. d. becomes steeper. e. becomes horizontal to the real GDP axis.
In the market for pollution permits, the total supply of permits is:
A. perfectly inelastic. B. perfectly elastic. C. determined by the Chicago Board of Trade. D. always equal to the demand for permits.
The opportunity cost of a decision is the
A. value of the best alternative not chosen. B. cost of making the wrong choice. C. cost incurred by others who are unhappy with your decision. D. value of all the alternatives not chosen.