Willie's wage increased, and he responded by enjoying more hours of leisure per day. Is Willie's behavior consistent with an upward-sloping labor-supply curve?
No. If Willie's labor-supply curve were upward-sloping, then, in response to the higher wage, Willie would work more hours and enjoy fewer hours of leisure per day.
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In the Keynesian model in the long run, an increase in the money supply will cause
A) an increase in output and a decrease in the real interest rate. B) a decrease in the real interest rate but no change in output. C) an increase in the real interest rate and an increase in output. D) no change in either the real interest rate or output.
The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Using the regular percentage change formula, what is the price elasticity of supply when price increases from $15 to $20?
A. unit elastic B. perfectly elastic C. inelastic D. elastic
There are four firms in the cement industry in Richland. Firm A has a market share of 30%, Firm B has a market share of 20%, Firm C has a market share of 25%, and Firm D has a market share of 25%
The Herfindahl-Hirschman Index for the cement industry is ________. A) 50 B) 100 C) 2,550 D) 4,000
Productivity levels are higher in rich countries compared to poor countries.
Answer the following statement true (T) or false (F)