Which of the following is true?
A. At the same price, demand is more elastic on the steeper demand curve.
B. On a linear demand curve, elasticity is constant.
C. On a linear demand curve, the higher the price, the less elastic is demand.
D. None are true.
Answer: D
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Assume that a comparable worth law is passed that determines that kindergarten teachers and bricklayers have comparable jobs; therefore, workers in both of these occupations should be paid the same wages
Assume that prior to the law, bricklayers were paid a higher wage than kindergarten teachers. Which of the following is the most likely result of the comparable worth law? A) There will be surplus in the market for bricklayers and a shortage in the market for kindergarten teachers. B) Some former bricklayers will become kindergarten teachers and some former kindergarten teachers will become bricklayers. C) The equilibrium wage will be the same for kindergarten teachers and bricklayers. D) There will be a shortage in the market for bricklayers and a surplus in the market for kindergarten teachers.
At the competitive equilibrium with a positive proportional labor income tax
A) the real wage after tax exceeds the marginal product of labor. B) the real wage after tax equals the marginal product of labor. C) the real wage after tax is lower than the marginal product of labor. D) We cannot say.
The Social Security system was founded
A) during the Civil War, to pay pensions for veterans. B) during the last years of the nineteenth century, as people who had once depended on having a family farm found themselves without a means of support. C) as the United States began to recover from the Great Depression. D) in response to concerns that arose during the high inflation of the 1970s.
Many regulated industries are not pure monopolies.
Answer the following statement true (T) or false (F)