Which of the following would decrease the demand for labor? (i) a decrease in the output price (ii) an increase in the output price (iii) a labor-saving technological advance (iv) a labor-augmenting technological advance
a. (i) only
b. (i) and (iii) only
c. (ii) only
d. (ii) and (iv) only
b
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Figure 9-1
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Which of the graphs in Figure 9-1 best illustrates the path of a composite of common stock prices over the long term?
A. (1) B. (2) C. (3) D. (4)
Any increase in efficiency increases only profits of producers, with no increase in output
a. True b. False Indicate whether the statement is true or false
Which of the following attitudes will be held by a typical firm in a typical cartel?
a. If I alone cheat, I'm better off; if everyone cheats, I'm worse off. b. I can never do better for myself than by following agreed-upon cartel policies. c. If everyone cheats, I'm better off and so is everyone else in the cartel. d. If I suspect others are planning to cheat, I'll do best for myself by deciding not to cheat.
We use percent-changes in the formula for estimating the price elasticity of demand coefficient in order to:
A. Make the coefficient's value become independent of whether price goes up or down B. Take the midpoints of P and of Q in the computation C. Eliminate the negative sign of the coefficient D. Make it irrelevant how we measure price: be it in cents, in dollars, or in thousands of dollars