Which of the following is likely to cause an increase in the wage rate and a fall in the employment level in a country?
A) A right shift in the demand curve for labor, without any change in the supply curve for labor
B) A left shift in the demand curve for labor, without any change in the supply curve for labor
C) A right shift in the supply curve for labor, without any change in the demand curve for labor
D) A left shift in the supply curve for labor, without any change in the demand curve for labor
D
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Reserve deposits are
A) assets for financial institutions, but liabilities for the Fed. B) liabilities for financial institutions, but assets for the Fed. C) assets for both financial institutions and the Fed. D) liabilities for both financial institutions and the Fed.
The demand for hamburgers is estimated from this theoretical model:
Q = kPaIbAce, where Q = units per day, P = price per unit, A = advertising budget per month by sellers, I = per capita income of consumers, and e = a random error. In a recent study, one researcher estimated the log-linear form of this equation with regression analysis as: log Q = 2.5 - 0.33 log P + 0.15 log I + 0.2 log A. Explain what the coefficients of log P, log I, and log A reveal about this product.