When the supply of labor increases, the labor supply curve ______.
a. shifts upward
b. shifts downward
c. shifts to the right
d. shifts to the left
c. shifts to the right
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The primary difference between private goods and public goods is that
A. private goods are consumed by private individuals whereas public goods are not consumed by private individuals. B. private goods often yield externalities but public goods do not. C. property rights can be assigned to public goods but not to private goods. D. public goods are nonrivalrous in consumption whereas private goods are rivalrous in consumption.
Keeping landing fees low at airports during the “peak” hours
A. perpetuates congestion during those hours. B. is politically unpopular. C. contributes to efficient allocation of airport facilities. D. would lessen the problem of delayed flight landings.
Refer to the information provided in Table 24.6 below to answer the question(s) that follow.Table 24.6All Figures in Billions of Dollars
Refer to Table 24.6. The value of the government spending multiplier
A. is 10. B. is 5. C. is 0.9. D. cannot be determined from the available information.
Economists who argue that the AS curve is vertical in the long run at potential GDP also argue that the Phillips curve in the long run is
A. horizontal at the natural rate of inflation. B. downward sloping. C. upward sloping. D. vertical at the natural rate of unemployment.