A) the wages of cooks will increase,and employment of cooks will decrease.
B) the wages of cooks will decrease,and employment of cooks will increase.
C) the wages of cooks will remain the same,and employment of cooks will decrease.
D) the wages of cooks will remain the same,and employment of cooks will increase.
E) the wages of cooks will remain the same,and employment of cooks will remain the same.
G) D) and E)
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A) excess supply for labor.
B) excess demand for labor.
C) a market equilibrium.
D) unemployment.
E) inflation.
G) None of the above
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A) firms want to hire more workers but cannot ?0??7?nd people willing to work.
B) firms need to layoff workers because it cannot afford to cover costs.
C) firms are hiring the optimal amount of workers and there is no excess supply of labor in the market.
D) firms are unable to keep their most skilled workers.
E) no new workers are interested in working in that industry.
G) B) and C)
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A) The federal minimum wage was recently increased to $7.25.
B) Ceteris paribus,an increase in wages increases the quantity of workers supplied.
C) Minimum wage laws are not Pareto efficient.
D) An increase in the minimum wage hurts the profits of small businesses.
E) A decrease in the labor force due to the swine flu will cause the equilibrium wage to increase.
G) A) and E)
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A) it provides a convenient means of locating an optimal choice.
B) it assumes individuals operate using limited rationality.
C) it allows for economists to predict how an agent will respond to a change in their environment.
D) A and C only
E) all of the above
G) B) and D)
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A) The wage in an alternative industry increased.
B) The price of capital increased,and capital and labor are gross complements.
C) The price of capital decreased,and capital and labor are gross complements.
D) A hurricane caused thousands of people to leave New Orleans,decreasing the size of the labor force in the area.
E) none of the above
G) A) and D)
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A) the wage in an alternative industry
B) the wage in that industry
C) the population size
D) the rental price of capital
E) both A and C.
G) None of the above
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A) If wages increased by $1,there would be an excess demand of 7 workers.
B) If wages increased by $1,there would be an excess supply of 5 workers.
C) If wages decreased by $1,there would be an excess demand of 5 workers.
D) If wages decreased by $1,there would be an excess supply of 7 workers.
E) none of the above
G) B) and E)
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A) gross substitutes,increase
B) gross substitutes,decrease
C) gross substitutes,increase or decrease
D) gross complements,increase
E) gross complements,decrease
G) A) and E)
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A) increases,substitutes
B) increases,complements
C) remains the same,substitutes
D) remains the same,complements
E) decreases,complements
G) C) and D)
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A) It is made up of agents who use rational choice.
B) It examines how individuals within the household behave.
C) It considers how workers who are already employed make their decisions regarding how much or how hard to work.
D) It is a combination of law,economics,and organization.
E) It assumes agents have a limited ability to calculate the consequences of their actions.
G) A) and B)
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A) Wages and the number of workers demanded are endogenous variables.
B) The amount of the good demanded and the rental rate of capital are exogenous variables.
C) Higher wages decrease the quantity of labor demanded by employers.
D) A decrease in the demand for a good decreases the demand for labor.
E) If the rental rate of capital increases,demand for labor will always decrease.
G) A) and E)
Correct Answer
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Correct Answer
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