As job opportunities for women and the wages those jobs pay have increased, the opportunity cost of doing housework has ________, so many families have chosen to hire specialists in households chores, such as cleaning services and lawn care services,
because the cost of these specialists is ________ than the cost of the wife (or husband) performing those chores.
A) increased; higher
B) increased; lower
C) decreased; higher
D) decreased; lower
Answer: B
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The discretionary change of government expenditures or taxes to achieve national economic goals is
A) a direct expenditure upset. B) fiscal policy. C) Ricardian-equivalence theorem. D) supply-side economics.
The firm would have a better bargaining position if
a. The firm can easily replace the workers with machinery b. The workers are a critical part of the production process c. The workers are highly specialized and would not find employment elsewhere easily d. Both A&C
An economic survey observed that a 20 percent cut in the price of a certain line of women's clothing, almost doubled the quantity demanded of the clothing. This led economists to conclude that the demand for this line of clothing is _____
a. highly elastic b. highly inelastic c. unit-elastic d. perfectly elastic e. perfectly inelastic
Which of the following observations would be consistent with the imposition of a binding price floor on a market? After the price floor becomes effective,
a. a smaller quantity of the good is bought and sold. b. a larger quantity of the good is demanded. c. a smaller quantity of the good is supplied. d. the price falls below the equilibrium price.