A recent law school graduate is considering two offers to practice law, one in New York and one in Illinois. The New York bar exam is very difficult to pass compared with Illinois's exam. Assuming all other things equal, the attorney would expect
a. to be unable to predict the wage difference between Illinois and New York.
b. to make a lower wage in New York.
c. to make a lower wage in Illinois.
d. wages in Illinois and New York to be identical.
c
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As long as wages and prices are flexible, an anticipated change in the money supply will lead to an increase in
A) the unemployment rate. B) industrial production. C) nominal income. D) real wages.
The fact that individuals substitute away from a taxed activity creates _____
a. the excess burden of taxation b. the welfare cost of taxation c. deadweight loss of taxation d. all of the above e. a and b
As disposable income decreases, saving decreases
a. True b. False Indicate whether the statement is true or false
The formula for price elasticity of demand that is used in practice
a. usually drops all minus signs. b. usually takes on different values at different points on the demand curve. c. may calculate the percentage change in price between P1 and P2 as "(P2 ? P1) as a percentage of (P1 + P2)/2." d. All of the above are correct.