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Test Bank for Labour Economics 9th Edition by George Borjas
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Test Bank for Labour Economics 9th Edition by George Borjas
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Test Bank for Labour Economics 9thEdition by George Borjas
Because resources are scarce relative to human wants, economics is best described as - ANSa
science of choice
Labor economics is studied as a distinct subfield of
economics because - ANSA.
the bulk of national income is received by labor.
B.
the concepts of supply and demand must be revised somewhat when applied to labor markets.
C.
labor economics can be used to analy
ze major socioeconomic trends such as
the surge in the number of women
workers.
As distinct from product market transactions, labor market transactions are unique in that -
ANSto the seller, the nonmonetary characteristics of
the sale can be as important as the price.
the concept of demand must be modified when applied to labor markets to reflect the fact that -
ANSthe demand for labor is derived from the demand for the various products that labor
produces.
indifference curves are convex to the origin because - ANSat a lower income, a person is less
willing to sacrifice income for additional leisure.
On a standard income-leisure diagram, Sara has steeper
indifference curves than John. This likely reflects the fact
that - ANSSara values leisure more highly comp
ared to income than John does.
The higher the individual's wage rate, - ANSthe steeper the budget constraint
The subsititution effect - ANSthe part of the total change in desired work hours that is due to a
change in the wage rate, with real income or
utility constant.
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