Answer the following statements true (T) or false (F)
1. In imperfect product competition, the output price is fixed to the firm.
2. The demand curve for labor is more inelastic under competitive conditions than under imperfect competition.
3. The backward-bending portion of the labor supply curve shows the income effect dominating the substitution effect.
4. Unions cause a lowering of wages in the unionized labor market.
5. Unions cause the wages to be lower in the non unionized labor market.
6. Increased licensing requirements reduce the supply of labor.
7. Unemployment rates in Japan are the highest compared to other developed countries.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
6. TRUE
7. FALSE
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The marginal product of labor is defined as the increase in output attributable to the last worker hired divided by the total number of workers employed
Indicate whether the statement is true or false
The elasticities approach and the absorption approach are theories of the balance of trade that emphasize trade in real goods and have little to say about the capital account
Indicate whether the statement is true or false
Changes in the real interest rate affect all of the following components of aggregate expenditure except
A) consumption. B) investment. C) government purchases. D) net exports.
What factors do some who promote the profitability of elaborate trading strategies leave out?
A) the effect of trading costs and taxes B) the difficulty of calculating the return on investment C) ignoring the effect of dividends D) not accounting for both capital gains and dividends