The price elasticity of demand for labor will be smaller, the
A) smaller is the price elasticity of demand for the final product.
B) easier it is to employ substitute inputs in production.
C) larger is the proportion of wage costs in the total cost of production.
D) longer is the time period under examination.
A
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Which of these is not assumed to be constant along a short-run aggregate supply curve?
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The current account balance equals the value of net exports
Indicate whether the statement is true or false
If the cost of medical care increases by 40 percent, then, other things the same, the CPI is likely to increase by about
a. 0.9 percent. b. 3.2 percent. c. 8.0 percent. d. 40 percent.