______ is the percentage change in hours worked divided by the percentage change in wages—will determine the shape of the labor supply curve.
a. Elasticity of savings
b. Cross-price elasticity of demand
c. Income elasticity of demand
d. Wage elasticity of labor supply
d. Wage elasticity of labor supply
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The larger the number of bidders in an open outcry Dutch auction, ________
A) the lower is the maximum willingness to pay of each bidder B) the smaller is the consumer surplus earned by the winner C) the larger is the quantity offered by the auctioneer for auction D) the lower is the value of the starting bid
If the demand for hand-sewn leather shoes increases, it is likely the demand for leather will:
A. also increase. B. decrease slightly. C. stay the same. D. drop significantly and producers will use another material.
What are beliefs about what is right and wrong or good and bad called?
A) motivators B) rules C) cultures D) ethics E) laws
Which of the following would we expect to have the highest poverty rate?
A. White households headed by males. B. Elderly white households. C. White households headed by females. D. African-American households headed by females.