If a 1 percent increase in price leads to a .7 percent increase in quantity supplied, the short-run supply curve is:

Purchasing power parity prices are used to construct GDP data that

A) do not omit the underground economy. B) can be used to make more valid comparisons between one country and another. C) is a proper measure of economic welfare. D) adjust for differences in population.

The above table has the total product schedule for Joe's Barber Shop. Joe charges $6 per haircut. If the wage rate falls from $24 per worker to $12 per worker, the quantity of labor hired ________ and the new number of workers employed is ________

A) increases; 2 B) decreases; 2 C) increases; 5 D) increase; 3