Which of the following statements is CORRECT?
A) When workers become more productive, the demand for labor curve shifts rightward.
B) When technology decreases, the supply of labor curve shifts leftward.
C) When labor force participation increases, the supply of labor curve shifts leftward.
D) When human capital increases, the demand for labor curve shifts leftward.
A
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Specialization can occur because
A) governments pass laws that require it. B) varying skills differentiate workers. C) absolute advantage creates specialization among laborers. D) managers and laborers share job tasks.
A competitive firm has been selling its output for $20 per unit and has been maximizing its profit, which is positive. Then, the price falls to $18, and the firm makes whatever adjustments are necessary to maximize its profit at the now-lower price. Once the firm has adjusted, its
a. quantity of output is lower than it was previously. b. average total cost is lower than it was previously. c. marginal cost is higher than it was previously. d. All of the above are correct.
The time spent by students in college
a. leads to lower lifetime earnings because opportunity costs are high. b. is an investment in human capital. c. decreases human capital by lowering work experience. d. increases as the wages paid to low-skilled workers rise.
The national debt is unlikely to cause national bankruptcy because the federal government can:
a. All of the answers are correct. b. refinance its debt. c. raise taxes. d. print money.