Increases in income from other sources than employment can cause the labor ____ curve to shift ____.
a. demand; right.
b. demand; left
c. supply; right.
d. supply; left.
d
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The above figure shows two Lorenz curves. Lorenz curve A shows the distribution of income and Lorenz curve B shows the distribution of wealth. Which statement below is CORRECT?
A) The Lorenz curve for wealth shows that wealth is distributed less equally because wealth does not include human capital. B) The Lorenz curve for income shows that income is distributed less equally because income does not include income from stocks and bonds. C) The Lorenz curves show wealth is greater than income. D) The Lorenz curves show income is greater than wealth.
According to the law of diminishing returns
A) the total product of an input will eventually be negative. B) the total product of an input will eventually decline. C) the marginal product of an input will eventually be negative. D) the marginal product of an input will eventually decline. E) none of the above
The Phillips curve
a. was a single curve and relatively well-defined for the 1960s b. demonstrates how to achieve stable economic growth c. shows the trade-off between deficits and inflation d. relates the interest rate to investment e. becomes vertical at full employment
In the balance of payments, "net errors and omissions":
a. Is like a balancing item. It makes the balance of payments equal zero. b. Is estimated by the Commerce Departments of countries and added (or subtracted) only when the government has authority from the International Monetary Fund to do so. c. Is positive when the current account is negative and negative when the current account is positive. d. Is positive when the financial account is negative and negative when the financial account is positive.