Nonmarket work includes time spent
a. producing goods and services for your employer
b. pursuing hobbies and crafts
c. engaging in strenuous physical exercise to reduce your weight
d. producing your own goods and services
e. managing your own firm
D
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Lizzie's budget line is shown in the figure above. Lizzie's real income in terms of cookies is ________ cookies
A) 5 B) 10 C) 15 D) 20
The speculative demand for money may not exist because
A) banks now pay interest on some types of checkable deposits. B) there are alternative riskless assets paying higher returns than the return on money. C) the transactions demand can be shown to depend on interest rates. D) government regulations have eliminated risk in the financial markets.
In financial markets, actual market prices sometimes diverge from the equilibrium price because
A) supply is often greater than demand. B) demand is often greater than supply. C) supply is equal to demand. D) of geographical and temporal fragmentation.
Suppose capital and labor must be used in fixed proportions to produce widgets and that the price elasticity of demand for widgets is zero. Then the wage elasticity of demand for labor by widget makers will be:
a. +1. b. -1. c. 0. d. infinite.