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Ryan37sport Ryan37sport
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Scenario: The country of Newland is a large oil exporter. As a result, when world oil prices rise, Newland's economy experiences an economic boom. In addition, when oil prices are high, the government has much higher tax revenues from its oil exports. Newland has a new president who campaigned and won the last election on a promise of spending more on social programs (e.g., health, education, welfare) whenever oil prices rise.

If the president's policy passes, what would likely happen in the labor market when oil prices rise (causing an economic boom) as a result of the policy?

▸ Labor supply curve shifts to the right.

▸ Labor demand curve shifts to the left.

▸ Labor demand curve shifts to the right.

▸ Labor supply curve shifts to the left.
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Macroeconomics

Macroeconomics


Edition: 3rd
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jchang19jchang19
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More solutions for this book are available here
Labor demand curve shifts to the right.
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Ryan37sport Author
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A month ago
Just got PERFECT on my quiz
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Thanks for your help!!
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I appreciate what you did here, answered it right Smiling Face with Open Mouth
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