What are the factors that affect the supply curve for labor?
What will be an ideal response?
There are three factors that affect the supply curve for labor. They are as follows:
a) Changes in the population
b) Changes in the tastes of workers
c) Changes in the opportunity cost of workers
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The homoskedasticity-only F-statistic and the heteroskedasticity-robust F-statistic typically are
A) the same B) different C) related by a linear function D) a multiple of each other (the heteroskedasticity-robust F-statistic is 1.96 times the homoskedasticity-only F-statistic)
Labor resources:
a. include only physical activities. b. are only counted as a resource if used in the production of other resources. c. include only skilled labor. d. include both physical and mental activities. e. include human effort involved in the production of goods, but not services.
Which of the following generate an income that would be excluded from the GDP of an economy?
a. A professional working in small start-up firm b. A person selling marijuana to patients with medical prescriptions c. A person selling electronic guides to tourists d. A farmer selling oranges to a fruit juice manufacturer
In economics, one of the problems with the concept of “need” is that it ignores ______.
a. opportunity b. efficiency c. scarcity d. security