An increase in the supply of labor will, everything else equal,
a. increase the full-employment level of output
b. decrease the full-employment level of output
c. move the economy from a recession toward full employment
d. reduce total employment
e. have no impact on total employment
A
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Comparing nominal GDP of 2012 to nominal GDP of twenty years ago
A) is an inaccurate measure of the change in total production. B) has no economic meaning. C) will be an accurate measure of the change in total production. D) determines the extent to which the cost of living changed. E) cannot be done because the two GDP measures use different prices.
Which of the following could increase unemployment and inflation simultaneously?
A) a decrease in the real wage B) an increase in oil prices C) expansionary monetary policy D) contractionary monetary policy