Which of the following would shift the U.S. short-run aggregate supply curve to the right?
a) A fall in the number of migrant workers from Mexico
b) Higher oil prices
c) An increase in welfare benefits
d) An loosening of the restrictions on child labor
Answer: d) An loosening of the restrictions on child labor
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Answer the following statements true (T) or false (F)
1. The terms of trade will favor a larger nation over a smaller nation. 2. With constant costs in production, specialization tends to proceed to complete-specialization; but with increasing costs, specialization will not be complete. 3. A nation will import a particular product if the world price is less than the domestic price. 4. If a nation starts exporting a product to the rest of the world, then the price of that product in the exporting nation will rise. 5. The world price for a traded product will be between the domestic no-trade prices of the trading nations.
The marginal revenue product schedule for land refers to
A. a firm's demand for land. B. the final demand for land. C. the final supply of land. D. the firm's supply of land.