The Less Freedom People Are Given to Choose the Date

question 43

Multiple Choice

The less freedom people are given to choose the date of their retirement,the

• A)more elastic is the supply of labor.
• B)less elastic is the supply of labor.
• C)flatter is the labor supply curve.
• D)smaller is the decrease in employment that will result from a tax on labor.

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Definitions:

Assignable Causes

Specific reasons for variations in a process that can be identified and often corrected, unlike random causes that are inherent to the process.

Natural Causes

Reasons or factors that occur in nature and cause events or conditions without human intervention.

Statistical Process Control

The application of statistical methods to monitor and control a process to ensure that it operates at its full potential to produce conforming product.

Acceptance Sampling

A statistical quality control method that inspects a random sample of goods to decide whether the entire lot meets the predetermined standards.