Multiple Choice
According to empirical estimates,when wages are increased by 10%,the quantity of labor demanded typically falls by about
A) 3% in the short run, but 6% in the long run.
B) 5% in the short run, but 10% in the long run.
C) 10% in the short run, but 20% in the long run.
D) more in the short run than in the long run.
Correct Answer:
Verified
Correct Answer:
Verified
Q7: Technological progress implies that<br>A) everyone could be
Q8: Other things equal,the own-wage elasticity of demand
Q9: The own-wage elasticity of demand measures<br>A) change
Q10: If two inputs are gross complements,the cross-wage
Q11: Own-wage elasticities of demand are<br>A) always positive.<br>B)
Q13: Output is produced with capital and labor.If
Q14: Own-wage elasticity of labor demand tends to<br>A)
Q15: An increase in the minimum wage will
Q16: If teenagers and adults are substitutes in
Q17: Cross wage elasticities of demand are<br>A) always