Which of the following statements is true?
A. Approximately 25 percent of Americans live in poverty.
B. American poverty is less severe than global poverty.
C. American poverty is defined by homelessness and malnutrition.
D. American poverty standards are below world poverty standards.
Answer: B
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A fall in the price of pesticide use in the production of cotton will
A) decrease the supply of cotton, causing the supply curve of cotton to shift to the left. B) increase the supply of cotton, causing the supply curve of cotton to shift to the left. C) cause a downward movement along the supply curve of cotton. D) have no effect on the supply of cotton. E) None of the above
An increase in the wage rate will lead to a reduction in the quantity of labor supplied if
a. the substitution effect outweighs the income effect b. the income effect outweighs the substitution effect c. the opportunity costs of leisure do not increase d. the opportunity costs of working always increase e. workers are irrational because otherwise they would be violating the law of supply
Which of the following about unemployment is true?
a. The unemployment rates of the major European economies were substantially lower than in the United States during the last decade. b. High unemployment rates over lengthy time periods are indicative of structural and regulatory factors that are exerting an adverse impact on the natural rate of unemployment. c. The natural rate of unemployment is unaffected by changes in the age composition of the labor force (for example, an increase in the relative number of youthful workers). d. Institutional changes such as an increase in the minimum wage may increase cyclical unemployment but will not affect the natural rate of unemployment.
A firm that is a monopsonist in the labor market and a monopolist in the product market will hire labor to the point at which
A) MFC = MRPm. B) a perfectly elastic labor supply = MRP. C) a perfectly inelastic labor supply = perfectly inelastic labor demand. D) where supply of labor = demand for labor.