Most research suggests that the elasticity of the labor supply with respect to taxes is:
A. very low for most people.
B. very high for most people.
C. highly variable across people.
D. unpredictable in most settings.
A. very low for most people.
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With labor migration, the country of origin experiences:
A. An increase in output and a rising wage rate B. An increase in output and a falling wage rate C. A decrease in output and a falling wage rate D. A decrease in output and a rising wage rate
When a person does not have to pay the full costs for using a scarce resource, then
A) the use of the resource is not affected since society pays for the resource. B) more of the resource will be used. C) the internal costs of using the resource are too high. D) the social costs of the resource are less than they would be if the "correct" amount of the resource were being used.
According to the rational expectation view, the government can change real output:
a. with appropriate, well-publicized fiscal and monetary policies b. with appropriate, well-publicized fiscal and monetary policies in the short run, but not in the long run. c. only by making unexpected changes in aggregate demand. d. without ever affecting the price level.
The invisible hand is
A. Perfect competition. B. The profit motive. C. Government direction. D. The mixed economy.