If the absolute value of the price elasticity of demand for a good is .75, the demand for that good is described as
A. inferior.
B. normal.
C. inelastic.
D. elastic.
Answer: C
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What will be an ideal response?
According to efficiency wage theory, a firm that raises wages by one percent will actually lower the labor cost per unit of output if the wage increase
A) raises output per worker by more than one percent. B) raises output per worker by less than one percent. C) does not change output per worker. D) lowers output per worker by less than one percent.
A situation in which a worker can be hired without being in a union but has to join a union after a specified period of time is a
A) closed shop. B) union shop. C) open shop. D) restricted shop.
A line that slopes downward from left to right has a positive slope.
Answer the following statement true (T) or false (F)