A reduction in money wages shifts...
What will be an ideal response?
the short-run aggregate supply curve rightward but leave the long-run aggregate supply curve unchanged
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What are the three sources of funding for the public sector? Can the government rely on all of these sources in the long run? Explain
What will be an ideal response?
Which of the following statements concerning opportunity costs is false?
a. Opportunity costs are only expressed in money terms. b. Every choice involves opportunity costs. c. Opportunity costs are the highest-valued alternatives that must be forgone when a choice is made. d. The concept of opportunity cost is used to demonstrate scarcity. e. Economists refer to the forgone benefits of the next-best alternative as opportunity costs.
The supply curve of labor to risky jobs reveals.
A. how many workers are willing to offer their labor to the risky job as a function of the wage differential between the risky job and the safe job. B. the number of workers who dislike risky jobs. C. the fraction of workers who dislike risky jobs. D. how many workers are willing to offer their labor to the safe job as a function of the wage paid to workers of the risky job. E. how many workers are willing to offer their labor to the risky job as a function of the wage paid to workers of the safe job.
Cross elasticity is defined as the ________________.
A. percentage change in price of a one good (A), divided by the percentage change in the quantity demanded of a related good (B) B. percentage change in quantity demanded for one good (A), divided by the percentage change in the price of a related good (B) C. percentage change in quantity demanded for one good (A), divided by the percentage change in the price of that good (A) D. change in quantity demanded for one good (A), divided by the change in the price of a related good (B)