The equilibrium wage rate is the rate at which the quantity of labor demanded equals the quantity supplied.
Answer the following statement true (T) or false (F)
True
When the quantity demanded is equal to the quantity supplied, the market will be at equilibrium.
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In the regression model Yi = ?0 + ?1Xi + ?2Di + ?3(Xi × Di) + ui, where X is a continuous variable and D is a binary variable, to test that the two regressions are identical, you must use the
A) t-statistic separately for ?2 = 0, ?2 = 0. B) F-statistic for the joint hypothesis that ?0 = 0, ?1 = 0. C) t-statistic separately for ?3 = 0. D) F-statistic for the joint hypothesis that ?2 = 0, ?3= 0.
Between 1820 and 1860, cotton output per slave:
a. remained fairly stable. b. increased by about 10 percent. c. increased by fourfold or more. d. decreased slightly.
Which of the following is NOT a reason for the inability to stabilize output?
A) lags between observation and action B) policy actions can immediately take effect C) policy constraints D) preference to maintain long-range goals
The table above gives the total cost information for Hank and Helen's cherry farm. They sell their cherries in a perfectly competitive market, where the price is $6.00 per pound. If Hank and Helen produce and sell 6 pounds of cherries, what is their profit?
Select one: a. $6 b. $20 c. $28 d. $8