Related to the Economics in Practice on P

question 140

Multiple Choice

Related to the Economics in Practice on p. 102: Researchers found that after a few years of a tax relief policy for foreigners, the fraction of foreigners in the top 0.5 percent of income earners in Denmark almost doubled. The researchers concluded that for this group of workers, labor supply seems to be

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) perfectly inelastic

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Definitions:

Possession

The state or fact of owning, controlling, or having an object, property, or asset.

Form Utility

The value added by the process of transforming raw materials into a finished product that is more useful to consumers.

Multitouch

Refers to a technology that enables a device's screen to recognize the presence and location of more than one point of contact simultaneously.

Smartphone

A mobile phone that offers advanced features beyond making calls and sending text messages, including internet access and various applications.