Wage elasticity of labor supply is a term referring to the
a. percentage change in wages demanded divided by the percentage change in wages supplied.
b. percentage change in wages supplied divided by the percentage change in wages demanded.
c. percentage change in wages divided by the percentage change in hours worked.
d. percentage change in hours worked divided by the percentage change in wages.
d. percentage change in hours worked divided by the percentage change in wages.
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Which one of the following is not a cash transfer program?
A) TANF (Temporary Assistance for Needy Families) B) Supplemental Security Income (SSI) C) Low-rent public housing D) Social security
Of the following, who would probably have the highest income?
a. a couple, both of whom have high school educations and work at WalMart b. a husband who has a high school degree and a middle-management job and his wife, who is a full-time mother c. a couple, both of whom have high school educations; he is a high school teacher and she is a librarian d. a husband who has a college degree and is a high school teacher and his wife, who has an MBA and works as a insurance company executive e. a couple, both of whom have college degrees and are high school teachers
Voluntary trade promotes economic progress because it
a. moves goods, services and resources from people who value them more to individuals who value them less. a. moves goods, services and resources from people who value them more to individuals who value them less. b. encourages individuals to become self-sufficient. c. makes larger outputs possible as a result of specialization. d. benefits buyers at the expense of sellers.
Suppose C = 1000 + .9Y, G = 400, I = 100, (X – IM) = 0, and there are no income taxes. The equilibrium level of national income is
a) 15,000 b) 13,500 c) 1,500 d) 5,000 e) 4,500