The impact of a decrease in the wage rate on labor supply will be represented by ________, assuming all else equal
A) a rightward shift of the labor supply curve
B) an upward movement along the labor supply curve
C) a leftward shift of the labor supply curve
D) a downward movement along the labor supply curve
D
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Easterlin (1968, 1987) argues that as the relative price of children rises,
(a) the average household demands fewer of them. (b) society, at large, demands fewer of them. (c) society, at large, demands more of them. (d) nothing happens since the demand for children is not influenced by price.
One strategy that can be used to establish expensive procurement contracts is to start a program with relatively low initial costs. This strategy might be an unintended consequence of _____
a. military alliances with nations producing needed military goods b. unexpectedly high development costs associated with new technology c. the political process d. the incentives facing firms bidding for the expensive procurement contracts
An explanation for why the short-run aggregate supply curve is upward-sloping is because: a. the quantity of real output supplied is inversely related to the aggregate supply curve. b. nominal incomes are fixed
c. the capital-output ratio is fixed. d. an increase in price will increase the marginal aggregate output.
Which of the following is a test of nonnested models??
A. ?Davidson-MacKinnon test B. ?Standard F test C. ?Regression Specification Error Test D. Whitetest