The maximum units of input you would possibly hire would be
A. 3.
B. 4.
C. 5.
D. 6.
C. 5.
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The supply of product X is perfectly inelastic if the price of X increases by ________ and, as a result of the price change, the quantity supplied ________
A. 7%; increases by 5%. B. 10%; stays the same. C. 8%; increases by 8%. D. 5%; increases by 7%.
Which would not increase the productivity of labor?
A) An increase in the size of the labor force B) An increase in the quality of capital C) An increase in the quantity of capital D) An increase in technology E) An increase in the efficiency of energy
The price and wage freeze imposed by President Nixon were totally successful in eliminating inflationary pressures in the United States
Indicate whether the statement is true or false
The income effect of an increase in the wage rate on the quantity of leisure demanded
A. makes leisure less expensive which causes people to work less. B. gives people more purchasing power and causes people to work less. C. gives people less purchasing power and so they will work more. D. makes leisure more expensive which leads people to work more.