To be useful, a model must
A. have assumptions that have been verified by empirical testing.
B. predict accurately all of the time.
C. predict more accurately than other models that have been developed.
D. predict the behavior of every individual.
Answer: C
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Which of the following is likely to cause a fall in the wage rate and an increase in the number of workers hired in a local cotton mill?
A) A reduction in wage paid in a nearby jute mill B) The introduction of labor-saving technology in the mill C) The introduction of labor-complementary technology in the mill D) A decrease in the population of the region in which the cotton mill is located
In the above figure, if the minimum wage is equal to ________, there would be ________ hours of labor employed
A) $8 per hour; 4,000 B) $8 per hour; 2,000 C) $6 per hour; 3,000 D) $4 per hour; 2,000