Statistical studies in the United States have reached the conclusion that for most workers the response of labor supply to wage changes is
a. quite strong.
b. not very strong.
c. inverted.
d. always zero.
b
You might also like to view...
Economies of scale arise when
a. an economy is self-sufficient in production. b. individuals in a society are self-sufficient. c. fixed costs are large relative to variable costs. d. workers are able to specialize in a particular task.
Which of the following statements is correct?
a. A large, well-known corporation such as Proctor and Gamble would generally use financial intermediation to finance expansion of its factories. b. On average, indexed funds outperform managed funds. c. Unlike corporate bonds and stocks, checking accounts are a store of value. d. Financial intermediaries are institutions through which savers can directly provide funds to borrowers.
Exhibit 7-14 Cost curves
In Exhibit 7-14, the U-shaped LRAC curve indicates which of the following as quantity increases from 0 to 4,000?
A. Diseconomies of scale; constant returns to scale; economies of scale. B. Constant returns to scale; economies of scale; diseconomies of scale. C. Economies of scale; constant returns to scale; diseconomies of scale. D. Economies of scale; diseconomies of scale; constant returns to scale.
Assume that expected inflation is based on the following: ?et = ??t-1. An increase in ? will cause
A) an increase in the natural rate of unemployment. B) a reduction in the natural rate of unemployment. C) no change in the natural rate of unemployment. D) inflation in period t to be more responsive to changes in unemployment in period t.