Prior to the 1980s ________
A) the hourly wage of women exceeded that of their male counterparts
B) the employment ratio for women was equal to that of men
C) a majority of women were not in the labor force
D) the majority of men were not in the labor force
C
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For each of the following statements, define all of the underlined terms. Then, explain why the statement is true or false
a. If a consumer views two goods as perfect substitutes then their optimal choice will be a corner solution. b. The substitution effect from a price increase states that the consumer will always choose a smaller amount of that good to consume. However, the income effect states that consumption can move in either direction. c. Suppose Alf and Bo have convex indifference curves. Alf likes units of "X" more than units of "Y" but Bo likes units of "Y" much more than units of "X." Then, in the optimum, Alf's marginal rate of substitution will be different from Bo's even if they face the same prices. d. All Giffen goods are normal goods, but not all normal goods are Giffen goods. e. Economists assume that preferences are ordinal. This implies that given two utility functions and one is a monotonic transformation of the other, then they represent the same preferences over bundles of goods.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
A legal claim to a part of a corporation's future profits is called
A) a bond. B) a share of stock. C) a dividend. D) a financial debt.
The Great Depression had led economists to suggest a larger role for
A) market mechanism. B) government intervention. C) price mechanism. D) international trade.