Assuming a worker's money wage rose from $10 per hour to $20 per hour while all product price have doubled, then in the classical model, this worker would
a. supply more labor after the wage increase.
b. supply less labor after the wage change.
c. supply the same amount of labor after the hourly wage increase.
d. demand less leisure.
C
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John Maynard Keynes and his followers argued that the Great Depression was primarily the result of:
A. excessive government spending. B. large budget deficits. C. the perverse monetary policies of the Fed. D. insufficient aggregate spending on goods and services.
Bilateral monopoly occurs where:
A. a monopsonistic employer bargains with an inclusive union. B. a monopsonistic employer bargains with an exclusive union. C. a craft union bargains with a purely competitive employer. D. an industrial union bargains with a purely competitive employer.
Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Based on the data in the table, this Application addresses the economic concept of:
A. the marginal principle. B. the principle of voluntary exchange. C. the principle of diminishing returns. D. the real-nominal principle.
The concept of "demand" in economics refers to
A. how changes in the prices of all goods affect people's buying behavior. B. changes in people's consumption behavior over time. C. the different quantities of a good or service people will buy at different possible prices. D. the different types of goods and services that people of different income levels want to buy.