Assume that Figure 4-16 shows the supply of orange juice. A decrease in the wage rate paid to workers in the orange juice industry will shift supply from
A. S1to S2.
B. S2to S1.
C. S3to S2.
D. S3to S1.
Answer: A
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The slave gang system increased labor productivity by encouraging members of a slave gang system to specialize in performing assigned tasks and working in rhythm
Indicate whether the statement is true or false
How might a country that is poor in natural resources but rich in labor increase productivity in a way that leads to sustained economic growth?
a. by restricting trade with foreign countries b. by encouraging citizens to consume most of their incomes c. by increasing the quantity and quality of its capital d. by striving to increase the population
If all prices rise by 5 percent and money income remains constant, the new budget line will have
A) a steeper slope. B) a flatter slope. C) a positive slope. D) the same slope.
In a perfectly competitive labor market, the labor supply curve facing the firm will be
A) upward sloping. B) downward sloping. C) horizontal. D) vertical.