The demand curve for coffee shifts
a. only when income changes.
b. when a determinant of the demand for coffee other than the price of coffee changes.
c. when the price of coffee changes.
d. Both b and c are correct.
b
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When the unemployment rate is greater than the natural unemployment rate, real GDP is
A) greater than full employment GDP. B) less than potential GDP. C) equal to potential GDP. D) greater than potential GDP. E) unrelated to potential GDP.
If employers were required by law to increase the wages paid to secretaries by 40 percent, which consequence could we most confidently predict?
A) More secretaries would be employed. B) Secretaries would begin to earn more than they are worth to their employers. C) The marginal value of secretaries would increase by about 40 percent. D) The total amount of wages paid to secretaries would decrease. E) The total amount of wages paid to secretaries would increase.