During the industrial revolution, the United States saw increases in the demand for labor and increases in the supply of labor. The increase in real wages rose during this period is consistent with which of the following statements?
A. The rightward shift in the labor demand curve was greater than the rightward shift of the labor supply curve.
B. The rightward shift in the labor supply curve was greater than the rightward shift of the labor demand curve.
C. The rightward shift in the labor demand curve was greater than the leftward shift of the labor supply curve.
D. The leftward shift in the labor supply curve was greater than the rightward shift of the labor demand curve.
Ans: A. The rightward shift in the labor demand curve was greater than the rightward shift of the labor supply curve.
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Suppose there is currently a surplus of wheat on the world market. The problem of excess supply may be removed from the market by:
A) lowering the market price. B) shifting the supply curve leftward. C) shifting the demand curve leftward. D) Both A and B are plausible actions.
Define investment? The meaning of investment is different for economists. Explain
Figure 33-8
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In Figure 33-8, which of the following movements illustrates the response of the economy to an increase in aggregate demand when expectations are “rational”?
A. C to A B. C to B C. C to D D. C to E
Refer to the graphs below for a competitive market in the short run. What will happen to the firm's economic profits as long-run market adjustments occur?
A. Profits will increase to some positive value
B. Profits will decrease to some negative value
C. Profits will increase to zero
D. Profits will stay the same as they are now