If a regression equation has only one explanatory variable, say x1, its standardized coefficient must lie in the range:
A. -2 to 0.
B. -1 to 1.
C. 0 to 1.
D. 0 to 2.
Answer: B
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When a perfectly competitive firm is in long-run equilibrium:
A) its total revenues equal the sum of its total explicit and implicit costs costs. B) the firm is operating at the minimum of its LRAC curve. C) the firm is earning zero economic profit. D) All of the above.
The demand for labor is
A) derived from the demand for the final product of the firm. B) derived from the satisfaction that hiring labor provides the owner of the firm. C) derived from the satisfaction workers get for being employed. D) derived from a utility-maximizing process similar to that used to derive the demand curve for all workers in a given industry.
According to Milton Friedman, how will your consumption be affected by a $2,00 . fine for littering and a $50 cut in your weekly salary that your boss told you to get used to it because it's here to stay? Explain
Answer the following statement(s) true (T) or false (F)
1. A business owner who begins reducing his office hours once the firm is highly profitable illustrates the income effect. 2. When wages are above the equilibrium level, demand will exceed the quantity of labor supplied. 3. When the established wage is above the equilibrium level, unemployed workers are willing to accept a lower wage in order to get jobs. 4. When productivity rises, the labor demand curve shifts to the right. 5. Efficiency-increasing technology will move the labor demand curve to the left.