Which of the following might shift an individual's supply curve of labor to the left?
a. winning the lottery
b. a decrease in non-wage income
c. due to falling sales, businesses are less willing to hire additional workers
d. a decrease in derived demand
a
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If there is a shortage of product X, and the price is free to change:
A. fewer resources will be allocated to the production of this good. B. the price of the product will rise. C. the price of the product will decline. D. the supply curve will shift to the left and the demand curve to the right, eliminating the shortage.
Which of the following would be a consequence of substitution bias in the CPI?
A) Social Security payments would not adequately compensate retired workers for inflation. B) Businesses would overcompensate employees for inflation when giving cost of living raises. C) The inflation rate based on the CPI would underestimate the true level of inflation. D) Judges would award child support payments that would not adequately keep up with the true cost of inflation.