In a competitive labor market, if the demand for labor decreases, labor demand will shift to the:
A. left and wages will decrease.
B. right and wages will decrease.
C. right and wages will increase.
D. left and wages will increase.
Answer: A
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The ________ is the average hourly wage rate measured in current dollars, while the ________ is the average hourly rate measured in the dollars of a given reference base year
A) real interest rate; nominal interest rate B) nominal wage rate; real wage rate C) real wage rate; nominal wage rate D) nominal interest rate; real interest rate E) inflation rate; real wage rate
Refer to the following graph. 
The additional profit that might be achieved by monitoring a lazy monopolist with ATC (X-inefficient) is equal to the area of rectangle:
A. A minus rectangle B minus the cost of monitoring. B. A plus rectangle B minus the cost of monitoring. C. A minus the cost of monitoring. D. B minus the cost of monitoring.
A fall in the price of a good causes an increase in its:
A. quantity demanded. B. demand. C. quantity supplied. D. supply.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary