Refer to Figure 17-3. Panel D is appropriate when used to represent
A) the quantity of labor demanded by an input price taker.
B) the quantity of labor supplied by someone working a fixed number of hours.
C) the labor supply curve facing an input price taker.
D) the highly-skilled labor market supply curve.
C
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Rhode Island has enacted a substantial increase in the tax on employers that finances the workman's compensation system. For some employers, the tax is about $25 per $100 paid in wages. Employers claim they cannot afford to pay the tax. Under which of the following conditions will the actual burden of the tax fall on employers?
a. The employers' demand for labor is perfectly elastic. b. The supply of labor is perfectly inelastic. c. The employers' demand for labor is perfectly inelastic. d. The demand for the good they produce must be perfectly inelastic.
If the price of inputs rises and consumer expectations about future economic activity worsens:
a. Price index rises, and real GDP rises. b. Price index rises, and real GDP falls. c. Price index rises, and the change in real GDP is uncertain. d. Price index falls, and real GDP rises. e. The change in price index is uncertain, and real GDP falls.