Suppose the elasticity of labor demand is 1.4. Then a decrease in the wage rate will:
A. Decrease total wage income
B. Increase total wage income
C. Have no impact on total wage income
D. Have an indeterminate impact on total wage income
B. Increase total wage income
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To close a recessionary gap, the Fed ________ interest rates which ________ aggregate spending and ________ short-run equilibrium output.
A. reduces; increases; decreases B. raises; decreases; increases C. raises; decreases; decreases D. reduces; increases; increases
Which statement holds true in the post-World War II era?
(a) There was a permanent increase in the percentage of working adult women with children. (b) Firms found it most profitable to treat women as individuals rather than groups. (c) Marriage bars returned. (d) Female participation in farming, common labor and craft work in the U.S. increased significantly.
The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the fixed cost?
A) 200 B) 5Q C) 5 D) 5 + (200/Q) E) none of the above
In the United States today, households headed by single women are more likely to be poor than:
A. married families. B. black males. C. Hispanic males. D. All of these are true.