A professional tennis player enters fewer tournaments each year as the prize money she won increased. This observation indicates that the tennis player
A) is irrational.
B) has shifted her labor demand curve leftward.
C) has shifted her labor supply curve rightward.
D) has a backward bending labor supply curve.
D
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It is often found that there is a sufficient mobility within the income distribution such that a person in the lowest quintile of income can move to the higher ones and vice versa
a. True b. False Indicate whether the statement is true or false
What is the essence of the problem with targeting with fiscal policy?
A. In order to meet interest rate targets, fiscal policy must be enacted very quickly. B. It is difficult for the government to determine the target unemployment rate. C. Economic data takes time to analyze, so the government may not know when the economy has reached its target. D. The government may not have projects ready that will employ the people who are unemployed.
What happens to the piece rate if there is a ratchet effect?
A. It is replaced with a salary contract. B. It increases over time. C. It is only paid to the least productive workers. D. It is replaced with a time rate. E. It decreases over time.
The fact that the United States has a trade deficit means that:
A. foreign countries can have comparative advantages in all goods. B. foreign countries can have comparative advantages in more goods compared to the United States. C. the United States is producing more than it is consuming. D. the United States is lending more to foreign countries than it is borrowing from foreign countries.