If the elasticity of labor is 0.60, a 15 percent increase in the wage rate will induce a
A. 9.0 percent increase in the quantity of labor supplied.
B. 9.0 percent decrease in the quantity of labor supplied.
C. 4.0 percent decrease in the quantity of labor supplied.
D. 4.0 percent increase in the quantity of labor supplied.
Answer: A
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Which one of the following possibilities is TRUE?
A) Much of eurocurrency trading occurs in Europe. B) Much of eurocurrency trading occurs in the United States. C) Eurocurrencies trading occurs everywhere except the United States. D) Eurocurrencies trading occurs everywhere except Europe. E) Eurocurrencies trading occurs everywhere except China.
Parties to the contract prefer to keep the actual agreement incomplete when:
a. they have conflicting terms and conditions. b. they are large in count. c. the economic value of the contract is low. d. the cost of negotiation is high.
Average variable cost is
a. the change in cost as output decreases b. the change in cost as output increases c. TC / quantity of output d. TVC / quantity of output e. AFC + AVC
Research has shown that the inflation in a country is:
A) always high if there is a fixed exchange rate. B) always low if there is a flexible exchange rate. C) not dependent on the choice of exchange rate regime. D) higher in developing countries coming out of hyperinflation.