1- (Figure: Minimum Wage) Suppose the

1- (Figure: Minimum Wage) Suppose the

wage rate on the vertical axis on the graph refers to real wage, the labor supply curve is ____ because ______

A.upward sloping; on balance, workers tend to work more when the wage increases because they are substituting away from higher cost leisure time (because of the higher wage)

B.downward sloping; on balance, workers tend to work less when the wage increases because they are buying more leisure (a normal good) due to the higher income from the higher wage

C.upward sloping; on balance, workers tend to work more when the wage increases because they are buying less leisure (a normal good) due to the higher income from the higher wage

D.downward sloping; on balance, workers tend to work less when the wage increases because they are substituting toward higher cost leisure time (because of the higher wage)

2-In the full employment model _____, _______, and ______ are the only factors that affect output (i.e., real GDP).

A.Taxes, government spending, and interest rates.

B.technology, capital stock, and employment levels

C.technology, taxes, and investment

D.Government spending, investment, and tax levels

3-If technology increases we would expect that the production function will

A.Turn upward

B.Shift down

C.Not change

D.Shift up

4-Suppose the savings curve shifts to the right because of an increase in income (i.e. real GDP) but at the same time the investment demand curve shifts to the right because of an increase in business prospects. We would expect that savings and investment will _______ and the real interest rate will _____

A.decrease; decrease

B.increase; decrease

C.increase; increase

D.increase; be undetermined

5-Suppose worker productivity increases because of an increase in the capital stock, we would expect that real wages would ____

A.neither increase nor decrease

B.either increase or decrease

C.decrease

D.increase

6-Suppose that the female labor force partici

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