The market labor-supply curve has all of the following properties except it:
A. reflects people's willingness to work more when wages are higher.
B. is always upward sloping.
C. shows the relationship between the price of labor and the quantity supplied.
D. shifts with changes in the opportunity cost for work
Answer: B
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If John purchases 10 percent more compact discs when his income increases 5 percent, then:
a. his total expenditure on compact discs will fall as his income increases. b. compact discs would be classified as an inferior good. c. compact discs would be price elastic. d. compact discs would be income inelastic. e. compact discs would be income elastic.
Suppose there has been decreased interest in European goods by Americans. Which of the following would we expect to observe?
a. A rightward shift of the demand curve for euros, a depreciation of the euro, and a smaller number of euros traded. b. A leftward shift of the demand curve for euros, an appreciation of the euro, and a smaller number of euros traded. c. A leftward shift of the demand curve for euros, a depreciation of the euro, and a smaller number of euros traded. d. A leftward shift of the demand curve for euros, a depreciation of the euro, and a larger number of euros traded. e. A leftward shift of the demand curve for euros, an appreciation of the euro, and a larger number of euros traded.
Which of the following do national income accountants consider to be investment?
A. The purchase of an automobile for private, nonbusiness use. B. The purchase of a new house. C. The purchase of corporate bonds. D. The purchase of gold coins.
If a decrease in income results in an increase in the quantity demanded for a product, the product is ________, and the value of the income elasticity of demand is ________.
A. a normal good; positive B. a normal good, negative C. an inferior good; positive D. an inferior good; negative