At a fixed level of worker productivity, ________
A) lower wages reduce quantity of labor demanded
B) higher wages reduce cost of production
C) higher wages reduce profits
D) lower wages increase quantity of labor supplied
C
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A $1.5 trillion increase in investment leads equilibrium expenditure to increase from $7.0 trillion to $10.5 trillion. In this case, the expenditure multiplier is
A) 7.00. B) 4.67. C) 2.33. D) 1.50. E) 10.5.
In case of an increase in product prices:
A) the quantity effect always dominates the price effect. B) the price effect always dominates the quantity effect. C) when the quantity effect dominates the price effect, total revenue is rising. D) when the quantity effect dominates the price effect, total revenue is falling.
According to the textbook, when claim they are using the cost-plus-markup formula, they
A) usually choose a 10 percent markup B) usually choose a 50 percent markup C) usually choose a 100 percent markup D) might not be correctly describing their price-setting behavior.
The slope of the utility of wealth curve of a risk-averse person
A) increases as wealth increases. B) decreases as wealth increases. C) is constant. D) is negative.