The consensus estimate of the elasticity of labor supply among females is ?0.1. The interpretation of this estimate is what?
A. On average, women will increase hours of work by 1% when their wage increases by 10%.
B. On average, women will reduce hours of work by 1% when their wage increases by 10%.
C. On average, women will increase hours of work by 10% when their wage increases by 1%.
D. On average, women will reduce hours of work by 10% when their wage increases by 1%.
E. On average, women will reduce hours of work by 5% when their wage increases by 10%.
Answer: B
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Advances in technology and growth in human capital ________ because ________
A) shift the productivity curve downward; labor and capital become less productive B) shift the productivity curve upward; labor and capital become less productive C) shift the productivity curve upward; labor and capital become more productive D) do not shift the productivity curve; there is a movement along the productivity curve E) shift the productivity curve downward; labor and capital become more productive
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss in the market for coal miners due to the monopsony?
A. $250,000 B. $500,000 C. $125,000 D. $750,000
The international organization that replaced the General Agreement on Tariffs and Trade (GATT) is the
a. World Bank. b. Export-Import Bank. c. World Trade Organization. d. International Monetary Fund.
Which of the following provides the most reasonable explanation for why agricultural interests lobby for higher farm subsidies and price supports?
a. Without the farm subsidies, food shortages would result. b. Subsidies promote the efficient use of agricultural resources. c. Agricultural interests seek a redistribution of income favoring themselves. d. The price support programs reduce food costs, which helps the poor.