Julie works at a local hat factory for $12 an hour and typically works 40 hours a week. The company threatens layoffs, so Julie and the others agree to a pay cut. Julie now earns $10 an hour and works every hour over 40 that her boss will let her. Julie's response to this pay cut was to work:
A. more, demonstrating a dominant income effect.
B. more, demonstrating a dominant price effect.
C. less, demonstrating a dominant income effect.
D. less, demonstrating a dominant price effect.
A. more, demonstrating a dominant income effect.
You might also like to view...
Between 1981 and 2012, the United States
A) had a current account surplus almost every year. B) some years had a deficit and some years had a surplus that totaled a surplus of $2.5 trillion. C) had a current account surplus or deficit that almost equal to $0 every year. D) had a current account deficit almost every year. E) some years had a deficit and some years had a surplus that netted out to $0.
What is the Herfindahl-Hirschman Index if the four firms in an industry account have market shares of 62 percent, 15 percent, 15 percent, and 8 percent?
A) 100 B) 4,358 C) 111,600 D) 2,822 E) 6,200
Friedman and Phelps believed that the natural rate of unemployment was constant
a. True b. False Indicate whether the statement is true or false
Cooperation that continues as long as the players continue to cooperate is
A. opportunistic behavior. B. a negative-sum game. C. tit-for-tat strategic behavior. D. a zero-sum game.