The short-run refers to a period
a. of a few days.
b. when prices and wages cannot fully adjust.
c. of a few years.
d. during which trend cannot change.
e. of analysis used in the classical model
B
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The taxation principle that says people with higher incomes should pay more in taxes than those with lower incomes is called
A. A flat tax system. B. A regressive tax system. C. Horizontal equity. D. Vertical equity.
The marginal product of labor (measured in units of output) for Expando Corp. is given by MPN = A(400 - N)where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $3 per unit and A = 2.0. What will be the demand for labor if the nominal wage is $18?
A. 107 B. 197 C. 57 D. 397
If a firm that repairs both motorcycles and cars is able to do so at a lower cost than a firm that does only one or the other, this would be an example of
A) economies of scope. B) economies of scale. C) monitoring. D) increasing transactions costs.
The equilibrium wage
a. is the same in all labor markets b. occurs where the supply of labor curve begins to bend backward c. cannot be calculated because there are so many labor markets d. is determined by the market demand for labor and the market supply of labor e. is irrelevant because of unions