For any competitive labor market, what change would have to occur to cause the labor supply to decrease and shift the supply curve left?
A. Number of firms increases
B. None of these statements is true.
C. Number of workers increases
D. Opportunity cost of work increases
D. Opportunity cost of work increases
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Crowding out can best be defined as
a. higher interest rates caused by restrictive monetary policy, which reduces investment. b. higher interest rates caused by restrictive monetary policy, which increases saving and reduces consumption spending. c. government budget deficits causing a drop in private borrowing because of higher interest rates. d. government budget deficits causing a drop in interest rates, which reduces private saving.
When two goods are substitutes for each other, the cross price elasticity of demand
A) will be negative. B) will be zero. C) may be either positive or negative. D) will be positive.