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Ryan37sport Ryan37sport
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A year ago
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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