When there is a decrease in labor supply, real wages are likely to
A) remain the same. B) decrease.
C) increase. D) allow less leisure time.
C
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If a woman marries her housekeeper, GDP would remain constant
a. True b. False Indicate whether the statement is true or false
Labor demand is more elastic
A. the greater is labor's share in total costs. B. the greater is the elasticity of substitution between labor and capital. C. the greater is the supply elasticity of capital. D. the greater is the elasticity of demand for the firm's output. E. All of the statements are correct.
One formula for ________ is ?TVC/?q.
A. MC B. ATC C. TFC D. AVC
Refer to the diagram. The move of the economy from c to e on short-run Phillips Curve PC 2 would be explained by an:
A. increase in aggregate demand in the economy.
B. increase in aggregate supply in the economy.
C. actual rate of inflation that is less than the expected rate.
D. actual rate of inflation that exceeds the expected rate.