The supply of labor to a particular market is the horizontal sum of all the individual supply curves
Indicate whether the statement is true or false
true
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In the table above, if a unit of capital is $50 per day and an hour of labor is $15 per day, which method is economically efficient?
A) A B) B C) C D) D
The tax elasticity of supply is
A. The percentage change in quantity supplied multiplied by the percentage change in tax rates. B. Always less than 1. C. Always equal to 1. D. The percentage change in quantity supplied divided by the percentage change in tax rates.
To raise real wages we must raise _______________.
Fill in the blank(s) with the appropriate word(s).
Economic growth occurs when
A. a large part of a country's population is poor. B. a society sacrifices an amount of one good for more of another along its production possibility frontier. C. a society acquires additional resources or when its technology advances. D. there is unemployment of labor but other resources are used efficiently.