(Consider This) In order to apply the concept of diminishing returns to study time:
A. the amount of study time available must be held constant.
B. study time must be considered a long-run production process.
C. all inputs to the learning process must be allowed to vary.
D. all inputs to the learning process except for study time must be assumed to be fixed.
Answer: D
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Membership in a customs union may be either welfare improving or welfare worsening. Illustrate and explain
What will be an ideal response?
A tax cut that raises the after-tax wage rate will most likely result in more hours worked if
A) tax rates were low already. B) the relevant portion of the labor supply curve is upward sloping. C) the relevant portion of the labor supply curve is downward sloping. D) workers can be easily fooled.
Assume initially that the price of X (measured on the horizontal axis) is $9 and the price of Y (measured on the vertical axis) is $4. If the price of X now declines to $6, the budget line will:
A. be unaffected. B. shift outward on the vertical axis. C. shift inward on the horizontal axis. D. shift outward on the horizontal axis.
Explain using welfare measures whether consumers prefer a single price monopoly or a perfect-price-discriminating monopoly
What will be an ideal response?