Which of the following groups of workers would be considered part of the short-run supply of court reporters in the Chicago area-labor market?
a. individuals in the Chicago area who are undergoing training as court reporters
b. trained court reporters in Indianapolis who are seeking information about relocating to Chicago
c. trained court reporters and individuals undergoing training in the Chicago area
d. unemployed, trained court reporters who are seeking work in an alternative field in the Chicago area
e. trained court reporters working or seeking work as court reporters in the Chicago area
E
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Which of the following statements is true?
A) In the short run, a firm can vary all its inputs. B) In the long run, a firm cannot vary any of its inputs. C) Short-run cost curves lie above long-run cost curves. D) Short-run cost curves lie below long-run cost curves.
If all variable taxes in the United States were removed and only fixed taxes remained, what would be the effect on the expenditures schedule?
a. The expenditure schedule will shift upward and become steeper. b. The expenditure schedule will shift upward and become less steep. c. The expenditure schedule will shift downward and become less steep. d. The expenditure schedule will shift downward and become steeper.
If a union sets the wage rate to maximize the total wage receipts of its members, the price elasticity of demand for labor would be
A) zero. B) numerically equal to 1. C) finite, but greater than -1. D) positive, but less than 1.
The idea that freely floating exchange rates equate the buying power of national currencies is called:
A. the equation of exchange. B. the balance of payments. C. Say's Law. D. the purchasing power parity theory.