A positive, pure income effect can be obtained by
A) increasing the real wage.
B) increasing the tax.
C) increasing the dividend.
D) decreasing leisure.
C
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Suppose the government abolished the minimum wage law and the law that requires union wage rates to be paid on all government contract jobs. We would expect to see
A) a recession. B) the duration of unemployment to increase. C) a decline in the natural rate of unemployment. D) an increase in claims for unemployment benefits.
Figure 7-5
Which of the curves in Figure 7-5 could be a firm’s average fixed cost curve?
A. (a) B. (b) C. (c) D. (d)
In the figure below, $40,000 for certain is as desirable as $47,000 with risk.
A. True
B. False
C. Uncertain
Which of the following is a property of dummy variable regression?
A. This method is best suited for panel data sets with many cross-sectional observations. B. The R-squared obtained from this method is lower than that obtained from regression on time-demeaned data. C. The degrees of freedom cannot be computed directly with this method. D. The major statistics obtained from this method are identical to that obtained from regression on time-demeaned data.