Increased labor demand will result in
A) lower wages. B) more employment benefits.
C) higher wages. D) no change in wages.
C
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Based on the graph above, a cause of movement from point 1 to point 2 might be ________
A) a positive price shock B) government policy that lowers unemployment C) an increase in potential output D) an increase in expected inflation E) none of the above
Which of the following contains only normative statements?
a. The birth rate is reduced as economies urbanize, but that also leads to a decreased average age of developing countries' populations. b. An increase in the price of corn will decrease the amount of corn purchased. However, it will increase the amount of wheat purchased. c. A decrease in the price of butter will increase the amount of butter purchased, but that would be bad because it would increase Americans' cholesterol levels. d. None of the above contain only normative statements.