When the wage falls:
A. all workers will work more hours.
B. all workers will work fewer hours.
C. some workers will work more hours and some workers will work fewer hours, but on average, hours worked will fall.
D. some workers will work more hours and some workers will work fewer hours, but we don't know whether average hours will increase or decrease.
Answer: D
You might also like to view...
Technological progress means that we produce more output with the same amount of inputs
Indicate whether the statement is true or false
Suppose you are risk averse and you are deciding between two investments. One has a guaranteed return of 5% while the second has a 50% chance of a 10% return and a 50% chance of a 0% return. Which investment would you choose? Why?
What will be an ideal response?
A decrease in U.S. exports to Japan can be represented by
A. The aggregate expenditure curve shifting downward. B. The aggregate expenditure curve shifting upward. C. A rightward movement along the aggregate expenditure curve. D. A leftward movement along the aggregate expenditure curve.
In the above table, the marginal utility of fifth slice of pizza is
A. -10. B. 20. C. 10. D. 0.