Which of the following will not shift the demand curve for labor?
A. the use of a larger stock of capital with the labor force
B. a change in the wage, marginal resource cost
C. the adoption of a more efficient method of combining labor and capital in the production process
D. an increase in the price of the product that labor is helping to produce
Answer: B
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According to the new classical theory, a $50 billion increase in government expenditures financed by a $50 billion increase in the budget deficit will
a. cause real output to expand $200 billion if the marginal propensity to consume is three-fourths. b. exert little impact on real output because higher real interest rates will crowd out private spending. c. stimulate aggregate demand, causing prices to rise (inflation). d. be largely offset by a reduction in private spending because individuals will anticipate higher future taxes.
Growth in real wage rates is closely tied to growth in labor productivity
a. True b. False Indicate whether the statement is true or false
The patent system gives firms greater incentive to engage in research and other activities that advance technology
a. True b. False Indicate whether the statement is true or false
Marvin's Metal Company produces screws that it sells to Ford, which uses the screws as a component of its cars. In the national income accounts, the screws are classified as
A) inventory. B) final goods. C) capital goods. D) intermediate goods.