The wages for Nike workers increases. At the same time, we see the price for Adidas shoes increase. How does this affect the market for Nike shoes?
a. The demand curve will shift to the left; the supply curve will shift to the left
b. The demand curve will shift to the left; the supply curve will shift to the right
c. The demand curve will shift to the right; the supply curve will shift to the left
d. The demand curve will shift to the right; the supply curve will shift to the right
c
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The Phillips curve shows the relationship between
A) aggregate supply and the unemployment rate. B) the inflation rate and the unemployment rate. C) the rate of growth in real GDP and the unemployment rate. D) aggregate demand and the unemployment rate.
Minimum wage laws
a. creates a surplus of labor in markets where the equilibrium wage is above the minimum wage. b. cannot be valid unless labor unions are sufficiently powerful to force enactment of those laws in the first place. c. are likely to have a greater effect on unskilled-labor markets than on skilled-labor markets. d. All of the above are correct.