Which of the following is likely to lead to a left shift in the supply curve for labor to a firm?
A) The introduction of labor-saving technology
B) The establishment of a new firm nearby that offers higher wages
C) An increase in the opportunity cost of leisure
D) The introduction of labor-complementary technology
B
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The production possibilities frontier shows
A) what people want firms to produce in a particular time period. B) what an equitable distribution of products among citizens would be. C) the maximum attainable combinations of two products that may be produced in a particular time period with available resources. D) the various products that can be produced now and in the future.
Jennifer lives in a home that was newly constructed in 2011 for which she paid $240,000 . In 2014 she sold the house for $260,000 . Which of the following statements is correct regarding the sale of the house?
a. The 2014 sale increased 2014 GDP by $260,000 and had no effect on 2011 GDP. b. The 2014 sale increased 2014 GDP by $20,000 and had no effect on 2011 GDP. c. The 2014 sale increased 2014 GDP by $260,000; furthermore, the 2014 sale caused 2011 GDP to be revised upward by $20,000. d. The 2014 sale affected neither 2014 GDP nor 2011 GDP.