A reduction in the supply of labor will cause
A. wages to increase and employment to increase.
B. wages to increase and employment to decrease.
C. wages to decrease and employment to increase.
D. wages to decrease and employment to decrease.
Answer: B
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Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. What is Coke's best response function?
A. QC = 200PP - 67.5 B. QC = (90 + 400PP) - 500PC C. PC = 0.315 + 0.4PP D. PC = (0.18 + 0.8PP) - 0.002QC
Establishing rules for voter registration is an example of a(n)
A) economic function of government. B) political function of government. C) public good. D) transfer payment.
Find the size of the civilian labor force from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000.
A. 1,425 B. 1,450 C. 1,500 D. 2,000
Which of the following statements is correct?
A. Saving is high in less developed nations because the opportunities for consumption are limited B. For developing nations, the annual rate of population increase is about 5 percent C. Most of the labor forces of developing nations are engaged in light industrial production D. Investment is low in developing nations, making it difficult to increase productivity and incomes