Which of the following would move the labor supply curve from S 1 to S 2 ?
a. Many workers of the younger generation sought flexibility and a shorter work week.
b. The factory was located in a crime-ridden part of town with limited access via public
transit.
c. The state’s mild climate and low taxes caused many people to relocate there.
d. Workers in the baby boom generation began cutting back their hours and preparing
to retire.
c. The state’s mild climate and low taxes caused many people to relocate there.
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If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent, then X and Y are
A) complements and the cross elasticity of demand equals 2. B) substitutes and the cross elasticity of demand equals 1/2. C) substitutes and the cross elasticity of demand equals 2. D) complements and the income elasticity of demand equals 2. E) normal goods and the income elasticity of demand of each equals 2.
What is the value of the spending multiplier when MPC = 0.85 and MPI = 0.3?
a. 1.82 b. 0.85 c. 2.22 d. 1.18 e. 2.50