Government controls over industry
(a) limit overall net industrial growth.
(b) help all industries.
(c) lower consumer costs in the industries assisted by government.
(d) encourage the destruction of inefficient and lagging industries.
(a)
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The Slutsky decomposition of the effect of the real wage on a person's labor supply decision suggests that the negative income effect of such a wage change will be larger: a. the smaller is the quantity of labor supplied and the smaller is the effect of non-labor income
b. the smaller is the quantity of labor supplied and the larger is the effect of non-labor income. c. the larger is the quantity of labor supplied and the smaller is the effect of non-labor income. d. the larger is the quantity of labor supplied and the larger is the effect of non-labor income.
In an economy in which the skills, preferences, and motivations of workers vary widely, equality of wage rates would
a. lead to shortages and surpluses of resources and the use of involuntary methods of achieving work participation. b. result in a variety of product prices, but overall GDP would be unaffected. c. be efficient if the wages were fixed at a high enough level. d. reduce the productive incentives of high-skill workers, an effect that would be offset by the increased work effort of low-skill workers.