Which of the following is false?
a. An increase in labor productivity will shift the demand curve for labor to the right
b. An increase in wage will lead to an increase in the supply of labor.
c. A decrease in the nonwage income of workers would shift the labor supply curve to the right.
d. If job amenities deteriorate, it would lead to a reduction, or leftward shift, in the labor supply curve.
b
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Which of the following is a valid reason for protecting an industry?
A) The industry is unable to compete with low-wage foreign competitors. B) Protection penalizes lax environmental standards. C) Protection keeps richer nations from exploiting the workers of poorer countries. D) None of the above reasons is a valid reason for protection.
The existence of an inflationary gap should cause
a. wages to fall. b. prices to fall. c. unemployment to rise. d. net exports to rise.