Which of the following statements are correct? In (the)
a. Keynesian model, unemployment is voluntary.
b. real business cycle models, all unemployment is voluntary.
c. new classical models, there is voluntary unemployment.
d. Both b and c
e. All of the above
D
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The income effect of a wage increase:
a. results in an increase in the quantity of labor supplied. b. results in a decrease in the quantity of labor supplied. c. has no impact on the quantity of labor supplied d. results in a decrease in the quantity of leisure enjoyed.
If a monopolist were allowed (and able) to first degree price discrimination, there would be no efficiency/equity tradeoff so long as the government can tax the profits of the firm and redistribute the tax revenues in a lump sum way.
Answer the following statement true (T) or false (F)