Wage elasticity of labor supply is a term referring to the
a. percentage change in wages demanded divided by the percentage change in wages supplied.
b. percentage change in wages supplied divided by the percentage change in wages demanded.
c. percentage change in wages divided by the percentage change in hours worked.
d. percentage change in hours worked divided by the percentage change in wages.
d. percentage change in hours worked divided by the percentage change in wages.
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If the change in y = 10 and the change in x = 3, there is
A) a positive relationship between y and x. B) a negative relationship between y and x. C) an independent relationship between y and x. D) no relationship between y and x. E) a +0.33 relationship between the two variables.
The limitation that a consumer's total expenditure on goods and services purchased cannot exceed the income available is referred to as
A) maximizing behavior. B) economizing behavior. C) the budget constraint. D) the price constraint.
Assuming that households do not change their cash holdings and banks loan out all of their excess reserves, if the required reserve ratio (RRR) is 10 percent and the Fed purchases $2,000 worth of bonds from banks, how much money will be eventually created?
a. $1,800 b. $2,000 c. $9,000 d. $18,000 e. $20,000
A nation can determine how close it is to the classical range by considering its:
a. Employment rate. b. Net export position. c. Exchange rate d. None of the above.