Which of the following labor resources will likely have the most elastic supply schedule in the short run?
a. nuclear physicists
b. surgeons
c. retail cashiers
d. graduate-level math professors
C
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What is the effect of an increase in unemployment benefits on the unemployment rate?
What will be an ideal response?
Which of the following products would most closely fit the competitive price-taker model?
a. stereo systems-there are many reputable brands. b. beer-it has many consumers. c. eggs-there are many producers of this relatively homogeneous product. d. automobiles-there are substantial economies of scale in production.
Recall the Application about how a simultaneous increase in the gasoline tax and decrease in the income tax affect gasoline consumption to answer the following question(s).Recall the Application. Suppose a tax on carbon that increases the price of gasoline is combined with a cut in income taxes to ensure that total tax revenue collected by the government does not change. This tax policy has no ________ but has ________.
A. income effect; a substitution effect. B. income effect; a positive real effect. C. no real effect on consumption; an income effect. D. substitution effect; an income effect.
The Business Cycle Dating Committee defines a recession as
A) two consecutive quarters of declining real GDP. B) two consecutive quarters of declining nominal GDP. C) a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months. D) a significant decline in inflation and unemployment lasting more than a few months.