An increase in wages can cause a relatively big decrease in employment when
a. product demand is inelastic
b. labor demand is elastic
c. there is a closed shop
d. the MRP curve is inelastic
e. the MRP curve shifts to the right
B
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A minimum wage is a government-imposed price ________ that is designed to be ________ the equilibrium wage rate
A) ceiling; above B) ceiling; below C) floor; above D) floor; below
According to classical macroeconomists, prices adjust ________ to shocks, so the government should ________
A) slowly; do little B) rapidly; do little C) rapidly; fight recessions D) slowly; fight recessions
What is the difference between the corporate paper rate and the corporate bond rate?
A) The corporate paper rate refers to interest rates paid on high-quality corporate bonds of relatively short duration (up to 6 months). B) The corporate paper rate refers to interest rates paid on high-quality corporate bonds of relatively long duration (typically 20 years). C) The corporate bond rate refers to interest rates paid on long-term (typically 20 year) corporate bonds that may represent varying quality or risk. D) A and B are correct. E) A and C are correct.
China imports ___________ from the U.S. compared to how many goods the U.S. imports from China.
A. less B. more C. about the same D. practically nothing