As the _________ substitute for low-skill labor becomes available, the demand curve for low-skill labor will shift to the left.
  • TECHNOLOGY
  • Will increase
  • $900 billion
  • USURY LAWS
Which of the following results in a rightward shift of the market demand curve for labor?
  • AN INCREASE IN LABOR PRODUCTIVITY
  • AN INCREASE IN DEMAND FOR THE FIRM'S PRODUCT
  • BOTH THE EQUILIBRIUM PRICE AND QUANTITY WILL RISE
  • AN INCREASE IN THE WAGE RATE
When consumers and businesses have greater confidence that they will be able to repay in the future, __________________.
  • THE QUANTITY DEMANDED OF FINANCIAL CAPITAL AT ANY GIVEN INTEREST RATE WILL SHIFT TO THE RIGHT.
  • A SHARP INCREASE IN THE DEMAND FOR AND CONSTRUCTION OF WOOD - FRAME HOMES
  • There is an increase in the cost of producing steel, which shifts the supply curve of steel to the left, thereby increasing the price of steel.
  • BOTH THE EQUILIBRIUM PRICE AND QUANTITY WILL RISE
In 2010, Americans had about ______________ outstanding in credit card debts not paid on time.
  • $900 billion
  • Will increase
  • USURY LAWS
  • TECHNOLOGY
Since Baltimore passed the first _ _________ in 1994, several dozen cities enacted similar laws in the late 1990s and into the 2000s.
  • LIVING WAGE LAW
  • AN INCREASE IN THE WAGE RATE
  • LARGER; DECREASE
  • Will increase
Other things being equal, a _________ supply of workers tends to _________ real wages.
  • USURY LAWS
  • Will increase
  • LARGER; DECREASE
  • INCREASE WAGES
18
  • TECHNOLOGY
  • Price
  • Table
  • Chart
Steel mill wage costs increase by 18 percent over a year. What is the likely economic effect on the market for steel?
  • A SHARP INCREASE IN THE DEMAND FOR AND CONSTRUCTION OF WOOD - FRAME HOMES
  • BOTH THE EQUILIBRIUM PRICE AND QUANTITY WILL RISE
  • There is an increase in the cost of producing steel, which shifts the supply curve of steel to the left, thereby increasing the price of steel.
  • THE QUANTITY DEMANDED OF FINANCIAL CAPITAL AT ANY GIVEN INTEREST RATE WILL SHIFT TO THE RIGHT.
16
  • Price
  • Table
  • Chart
  • TECHNOLOGY
19
  • TECHNOLOGY
  • Chart
  • Table
  • Price
If labor demand is downward sloping and labor supply is upward sloping, then when labor demand rises faster than labor supply, it is expected that real wages _________.
  • $900 billion
  • LARGER; DECREASE
  • AN INCREASE IN THE WAGE RATE
  • Will increase
Which of the following will not result in a leftward shift of the market demand curve for labor?
  • Will increase
  • AN INCREASE IN LABOR PRODUCTIVITY
  • AN INCREASE IN DEMAND FOR THE FIRM'S PRODUCT
  • AN INCREASE IN THE WAGE RATE
Which of the following will not result in a rightward shift of the market supply curve for labor?
  • AN INCREASE IN THE WAGE RATE
  • AN INCREASE IN LABOR PRODUCTIVITY
  • AN INCREASE IN DEMAND FOR THE FIRM'S PRODUCT
  • Will increase
The supply curve of textbooks (which are produced using paper made from trees) will shift to the left in response to:
  • LARGER; DECREASE
  • A SHARP INCREASE IN THE DEMAND FOR AND CONSTRUCTION OF WOOD - FRAME HOMES
  • THE QUANTITY DEMANDED OF FINANCIAL CAPITAL AT ANY GIVEN INTEREST RATE WILL SHIFT TO THE RIGHT.
  • There is an increase in the cost of producing steel, which shifts the supply curve of steel to the left, thereby increasing the price of steel.
Many states do have_________, which impose an upper limit on the interest rate that lenders can charge.
  • INCREASE WAGES
  • TECHNOLOGY
  • LARGER; DECREASE
  • USURY LAWS
Many cooks view butter and margarine to be substitutes. If the price of butter rises, then the market for margarine:
  • AN INCREASE IN LABOR PRODUCTIVITY
  • AN INCREASE IN DEMAND FOR THE FIRM'S PRODUCT
  • A SHARP INCREASE IN THE DEMAND FOR AND CONSTRUCTION OF WOOD - FRAME HOMES
  • BOTH THE EQUILIBRIUM PRICE AND QUANTITY WILL RISE
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