Hiring foreign labor and producing in other countries is an example of offshoring
Indicate whether the statement is true or false
TRUE
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The value of the price elasticity of demand for a straight-line demand curve starts with low elasticity values at high prices and has high elasticity values at low prices.
Answer the following statement true (T) or false (F)
Which of the following about unemployment is true?
a. Frictional unemployment implies a lack of available jobs. b. During a recession, cyclical unemployment will be low. c. When an economy is at full employment, actual unemployment will be less than the natural rate of unemployment. d. When actual GDP equals potential GDP, the actual unemployment rate will equal the economy's natural rate of unemployment.
Which of the following scenarios is not consistent with the Laffer curve?
a. The tax rate is very low, and tax revenue is very low. b. The tax rate is very high, and tax revenue is very low. c. The tax rate is very high, and tax revenue is very high. d. The tax rate is moderate (between very high and very low), and tax revenue is relatively high.
Suppose that the state of California imposes a minimum wage of $7 per hour. In the entry-level labor market in California fast-food restaurants, the quantity of labor demanded at $7 per hour is 800 thousand, and the quantity of labor supplied is 1.2 million. Which of the following is true?
a. There is a shortage of 800 thousand workers in the labor market. b. There is a shortage of 400 thousand workers in the labor market. c. There is a surplus of 400 thousand workers in the labor market. d. There is a surplus of 1.2 million workers in the labor market.