If a country's working-age population declines and its wealth increases, then the labor supply curve
A) shifts to the left if the effect of the change in wealth is bigger than the effect of the change in the working-age population.
B) shifts to the right if the effect of the change in wealth is bigger than the effect of the change in the working-age population.
C) shifts to the left.
D) shifts to the right.
C
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Consider the following linear transformation of a random variable y = where ?x is the mean of x and ?x is the standard deviation. Then the expected value and the standard deviation of Y are given as
A) 0 and 1 B) 1 and 1 C) Cannot be computed because Y is not a linear function of X D) and ?x
Assume that a retailer sells 800 six packs of Dr. Pepper per day at a price of $3.00/six-pack. You, as an economic analyst, estimate that the cross-price elasticity between Dr. Pepper and Coca-Cola is 0.6. If the retailer raises the price of Coca-Cola by
10%, how would the sales of Dr. Pepper be affected, ceteris paribus? A) Sales of Dr. Pepper would rise by 48 six-packs B) Sales of Dr. Pepper would rise by 10% C) Sales of Dr. Pepper would fall by 48 six-packs D) None of the above