Need an expert in macroeconomics to answer the 10 questions:

11. If the government raises income taxes, then the labor

1. Demand curve shifts rightward
2. Supply curve shifts leftward
3. Demand curve shifts leftward
4. Supply curve shifts rightward

12. Union introduced new costly regulations in the tuna market to protect workers. We would expect the equilibrium cost of tuna to ___ and the equilibrium quantity of tuna to ___

1. Decrease; increase
2. Increase; decrease
3. Increase; increase
4. Decrease; decrease

13. Category Number of people

Total population 305

Less than 16 years of age 30

Over 65 years of age 5

Institutionalized 15

Part-time workers 40

Full time workers 145

Actively looking for work 10

In the US Armed forces 20

Using the table above, the number of people in the labor force is ___ million

1. 145 b. 195 c. 175 d. 185

14. For Jill to have a comparative advantage in the production of pins means that, relative to Jack, with the same resources

1. Jill is relatively better at producing pin than at producing needles
2. Jill can produce more pins than jack can produce
3. Jill can produce fewer needles than Jack can produce
4. Jill is relatively better at producing both pins and needles

15. The three main policy tools the Federal Reserve System uses to influence the interest rate are setting the:

1. Prime rate, open market operations and setting the excess reserve ratio
2. Market interest rate and the discount rate, as well as open market operations
3. Discount rate, open market operations, and setting the required reserve ratio
4. Open market operations, setting tax rates, and setting the required reserve ratio

16. When the economy is at full employment

1. The unemployment rate is equal to zero
2. Real GDP is greater than potential GDP
3. Real GDP equals nominal GDP
4. Real GDP is equal to potential GDP

17. If a country is operating at a point of production efficiency

1. It operates on its trade line
2. It must specialize in the production of a good
3. It enjoys growth when increasing production
4. It produces on its production possibility frontier curve

18. Part time workers are defined as people who are working

1. Less than 20 hours per week
2. Between 20 and 35 hours per week
3. Less than 35 hours per week
4. Fewer hours than they would want

19. An example of automatic fiscal policy is

1. Expenditure for unemployment compensation increasing as economic growth slows
2. The Federal Reserve reducing interest rates as the economic growth slows
3. Congress passing a tax rate reduction package
4. The federal government expanding spending at the Department of education

20. A production possibility frontier diagram illustrates all of the following concepts except

1. Constrained choice
2. Unlimited wants
3. The marginal rate of transformation
4. Scarcity