The substitution effect of a change in wage rate on a firm's demand for labor input will be more significant:
a. the greater the change in output.
b. the more sharply curved are the firm's isoquants.
c. the flatter are the firm's isoquants.
d. the larger the quantity of labor employed.
b
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Which of the following is true? a. If minimum wage is set below the equilibrium wage, it leads to a labor surplus
b. If anything interferes with the voluntary exchanges that make up a market, equilibrium does not occur. c. Minimum wage helps deal with the problem of unemployment in the market for unskilled labor. d. Producers are willing to employ more labor at a minimum wage. e. Minimum wage leads to a situation of labor deficit in a market.
Sven likes to water ski, but can only water ski during the one week each year when he is on vacation. Therefore, he plans to ski every day, for eight hours a day. The first day, Sven skied for eight hours and enjoyed every hour. The second day, Sven slept in and then skied for seven hours, which was fun but not as much fun as the first day. The third day, Sven skied for six hours, but was starting to get a bit bored by the end. The fourth day, Sven skied for four hours and then took a nap. On the fifth day of Sven's vacation, Sven went blueberry picking all day. Sven's total utility ________ with each hour that he skied.
A. first increased than decreased B. increased C. decreased D. remained constant
Suppose that this year’s nominal GDP is $16 trillion. To account for the effects of inflation, we construct a price-level index in which an index value of 100 represents the price level five years ago. Using that index, we find that this year’s real GDP is $15 trillion. Given those numbers, we can conclude that the current value of the index is:
a. Higher than 100. b. Lower than 100. c. Still 100.
All of the following are problems in measuring the unemployment rate except that
What will be an ideal response?