What would a leftward shift of the labor demand curve indicate?
a. Firms want to hire more workers than before at any given wage than before.
b. Firms want to pay a higher wage than before at any given level of employment.
c. Households want to supply fewer hours of work than before at any given wage rate.
d. Firms want to hire fewer workers than before at any given wage rate.
e. Households want to supply more hours of work than before at any given wage rate.
D
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The primary source of purchasing power used to buy imported goods is the
a. revenue received from exports. b. monetary sector. c. balance of payments deficit. d. domestic currency of a nation.
With reference to the graph above, if the intended aim of the price ceiling set at $6 was a net increase in the well-being of consumers, then normative analysis would conclude that:
A. the policy was effective, since surplus lost by producers through lower prices is less than the surplus gained by consumers through lower prices. B. there is no "right" conclusion to be reached (in a normative sense), since people have different opinions concerning what constitutes a better outcome. C. the policy was ineffective, since surplus gained by consumers through lower prices is less than the surplus they lost through deadweight loss. D. the policy was effective, since surplus gained by consumers through lower prices is less than the surplus they lost through deadweight loss.