Which of the following does not cause “hidden” or “disguised” unemployment?
A. Involuntary part time work
B. Discouraged workers
C. Shortened work hours
D. Loss of overtime
Answer: B
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Suppose two owners of a store agree to split the profit equally regardless of the number of hours each spends working at the store. As a result,
A) production efficiency is achieved. B) each enjoys only half the marginal benefit of an additional hour working in the store. C) one will work all of the time while the other works zero hours. D) each will work as many hours as if he or she were the sole owner.
The oligopoly model that predicts that oligopoly prices will tend to be very rigid is the ________ model
A) Cournot B) Stackelberg C) dominant firm D) kinked demand
In the expression Pr(Y = 1 = ?(?0 + ?1X),
A) (?0 + ?1X) plays the role of z in the cumulative standard normal distribution function. B) ?1 cannot be negative since probabilities have to lie between 0 and 1. C) ?0 cannot be negative since probabilities have to lie between 0 and 1. D) min (?0 + ?1X) > 0 since probabilities have to lie between 0 and 1.
If nonmarket work is a normal good, then an increase in income __________ the time allocated to __________
a. decreases; market work b. decreases; leisure c. increases; market work d. increases; leisure e. increases; nonmarket work