During the industrial revolution, the United States saw increases in the demand for labor and increases in the supply of labor. The increase in real wages rose during this period is consistent with which of the following statements?
A. The rightward shift in the labor demand curve was greater than the rightward shift of the labor supply curve.
B. The rightward shift in the labor supply curve was greater than the rightward shift of the labor demand curve.
C. The rightward shift in the labor demand curve was greater than the leftward shift of the labor supply curve.
D. The leftward shift in the labor supply curve was greater than the rightward shift of the labor demand curve.
Ans: A. The rightward shift in the labor demand curve was greater than the rightward shift of the labor supply curve.
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Refer to the scenario above. Which of the following statements is true of the model?
A) The model predicts that two additional years of education is likely to increase future earnings by 60 percent. B) The prediction of the model can be applied to unlimited years of additional education. C) The predictions of this model cannot be tested empirically. D) The prediction of the model is accurate and will hold for all individuals.
The policy tool of "credit easing" refers to the
A) Fed's purchase of private securities to stimulate banks' lending. B) Fed's requirement that the federal government must lend to directly to home buyers. C) federal government's requirement that the Fed must lend directly to home buyers. D) Fed's lowering of the federal funds rate to zero. E) Treasury's issuance of federal debt to finance home buying.