In the classical view of the labor market, it is implied that unemployment does not exist.
Answer the following statement true (T) or false (F)
True
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Which of the following is not a determinant of a good's price elasticity of demand?
A) the slope of the demand curve B) whether the good is a luxury or a necessity C) the share of the good in the consumer's total budget D) the passage of time
Which of the following best represents economic growth?
A) an increase in nominal GDP B) an increase in real GDP C) an increase in the per capita nominal GDP D) an increase in the per capita real GDP
Wage differentials exist because not all workers and all jobs are alike
a. True b. False Indicate whether the statement is true or false
Which of the following generalizations about the benefit of a subsidy is correct?
a. The more inelastic the supply of a product, the larger the portion of the benefit will be to buyers. b. The more inelastic the demand for a product, the larger the portion of the benefit will be to buyers. c. The more elastic the supply of a product, the smaller the portion of the benefit will be to buyers. d. The distribution of the benefit of a subsidy is not affected by the elasticity of the supply and demand for the product for which the subsidy is granted.