The less freedom young mothers have to work outside the home, the
a. more elastic the supply of labor will be.
b. less elastic the supply of labor will be.
c. more horizontal the labor supply curve will be.
d. larger is the decrease in employment that will result from a tax on labor.
b
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A backward-bending labor supply curve could possibly imply which of the following cases?
A) Leisure is an inferior good. B) Leisure is a normal good. C) Leisure is a normal good at low wages and inferior at high wages. D) None of the above.
Since the minimum food budget used to determine the poverty line is not adjusted for changes in the standard of living, it is, in principle:
A. a relative measure of poverty. B. an optimal measure of poverty. C. an inaccurate measure of poverty. D. an absolute measure of poverty.
Bryce graduates from college and gets a job paying $80,000 a year. While in school, he consumed 5 pounds of chicken and 10 pounds of shrimp a month. After he starts working, he consumes 4 pounds of chicken and 12 pounds of shrimp a month. If everything else is held constant, we know that
A. shrimp is an inferior good for Matt. B. chicken is an inforior good and shrimp is a normal good for Matt. C. chicken is a normal good for Matt. D. chicken and shrimp are normal goods for Matt.
Suppose we observe that the demand for eggs increases when people buy more potatoes. We can conclude that eggs and potatoes are
A) inferior goods. B) normal goods. C) complements. D) substitutes.