The demand curve for a human resource will be more elastic when
a. there are more and better substitutes are available for it.
b. it is more difficult to substitute other resources for it.
c. the demand for the product the resource is used to produce becomes more inelastic.
d. the time period under consideration is shorter.
A
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Suppose your expenses for this term are as follows: tuition: $9,000, room and board: $1,500, books and other educational supplies: $1,000
Further, during the term, you can only work part-time and earn $3,000 instead of your full-time salary of $8,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $10,000 B) $13,000 C) $15,000 D) $18,000
Data on productivity gains in the 1990s in the United States strongly suggest that a significant share of those gains was attributable to:
A) improvements in education and training. B) improvements in information technology. C) substantial reductions in labor costs. D) increased demand for goods and services.
Which of the following defines the "medium of exchange" function of money?
a. To provide a common measurement of the relative value of different goods and services. b. The ability of money to hold value over time. c. The materials used manufacture money are of medium grade so that people will not hoard money for its commodity value. d. Money that is widely accepted in exchange for goods and services.
The labor demand curve of a firm
A. will shift to the left if the price of the product the labor is producing falls. B. is perfectly elastic if the firm is selling its product in a purely competitive market. C. reflects a direct relationship between the number of workers hired and the money wage rate. D. is the same as its marginal product curve.