The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre. If the price of lawn cutting rises to $60 per acre of lawn cut, the firm's demand for labor curve
A) shifts rightward.
B) shifts leftward.
C) does not shift at all, but the firm moves upward along the curve.
D) None of the above because this change shifts the supply of labor curve.
A
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Answer the next question on the basis of the following production possibilities tables for two countries.Latalia's Production Possibilities ABCDEPork (tons)43210Beans (tons)05101520Trombonia's Production Possibilities ABCDEPork (tons)86420Beans (tons)06121824Which of the following would be feasible terms for trade between Latalia and Trombonia?
A. 2 tons of beans for 1 ton of pork B. 1 ton of beans for 1 ton of pork C. 6 tons of beans for 1 ton of pork D. 4 tons of beans for 1 ton of pork
Seasonal adjustment tends to
A) smooth a time series with an important seasonal component. B) accentuate seasonal fluctuations. C) take out the deviations from trend in a time series. D) make a time series acyclical.
When the economy is in macroequilibrium, unintended investment
a. is positive b. is negative c. equals saving d. is zero e. equals intended investment
Patterns of trade among nations are primarily determined by
a. cultural considerations. b. political considerations. c. comparative advantage. d. differences in the income elasticity of demand among nations.