The figure above shows the U.S. supply of labor curve. What was the affect of the decline in birth rates during the 1960s and 1970s on the supply of labor curve in the 1980s?
A) a rightward shift of the supply of labor curve
B) the supply of labor curve became steeper
C) a movement downward along the supply of labor curve from a point such as A to a point such as B
D) a leftward shift of the supply of labor curve
E) None of the above answers is correct because there was no change in the supply of labor curve.
D
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Understanding how individual sectors of the economy will respond to changes in key economic variables gives us a better understanding of how the macroeconomy behaves
Indicate whether the statement is true or false
A firm is considering the purchase of a piece of equipment that will add $200 per year to the firm's revenue forever. If the interest rate is 10 percent, the firm will purchase the equipment so long as it costs less than
a. $1,000 b. $2,000 c. $4,000 d. $6,000 e. $8,000
Which of the following does not increase (i.e., shift) the supply curve of real loanable funds?
a. Open market purchases of government securities by the central bank. b. An increase in the discount rate. c. A reduction in the reserve ratio by the central bank. d. A reduction in the preferred asset ratio for currency in circulation (C/D), due to a shift in household preferences. e. All of the above increase the supply.
Suppose a firm's total revenue is $100 when it sells 10 units, and $110 when it sells 11 units. The firm, therefore, is a(n):
A. oligopolist. B. monopolistic competitor. C. pure monopolist. D. perfect competitor.