The impact of an increase in the wage rate on labor supply will be represented by ________, assuming all else equal
A) a rightward shift of the labor supply curve.
B) a leftward shift of the labor supply curve.
C) an upward movement along the labor supply curve.
D) a downward movement along the labor supply curve.
C
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When your professor asks a question that everyone in the class knows the answer to, yet no one raises his or her hand to answer the question, this is an example of what economists call
A) flying under the radar. B) shirking responsibility. C) the volunteer's dilemma. D) a game of chicken.
Financial intermediaries are able to exploit economies of scale since
A) the equipment or expertise necessary for one transaction can be applied to other transactions. B) they have special licenses needed to perform financial transactions. C) financial markets fail to do so. D) they can reduce transactions cost, but not information costs.
Regression analysis can best be described as
A) a statistical technique for estimating the best relationship between one variable and a set of other selected variables. B) a statistical technique for determining the true values of variables. C) a statistical technique for creating functional relationships among variables. D) None of the above
The forecasting technique which attempts to forecast short-run changes and makes use of economic indicators known as leading, coincident or lagging indicators is known as:
a. econometric technique b. time-series forecasting c. opinion polling d. barometric technique e. judgment forecasting