The Wage Rate Increases 15 Percent,and the Quantity Demanded of Labor

question 50

Multiple Choice

The wage rate increases 15 percent,and the quantity demanded of labor falls by 25 percent.The absolute value of the elasticity of demand for labor is

• A) 0.60.
• B) 1.67.
• C) 0.25.
• D) 5.00.
• E) none of the above

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Definitions:

Mind

The element of a person that enables them to be aware of the world and their experiences, to think, and to feel; the faculty of consciousness and thought.

Spinoza's Metaphysics

An aspect of Spinoza's philosophy focusing on the nature of reality, substance, and the monistic idea that there is only one substance, God or Nature.

Radical Freedom

A concept that suggests individuals have the ultimate responsibility and freedom to choose and shape their own lives, often associated with existentialist philosophy.

Heraclitus

An ancient Greek philosopher known for his doctrine that change is the fundamental essence of the universe, famously encapsulated in the phrase "You cannot step into the same river twice."