Suppose earnings are given by E = $60 + $7(24 ? L), where E is earnings and L is the hours of leisure. What is the maximum this worker can earn in three (3) days?
A. $228
B. $684
C. $417
D. $519
Answer: B
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In order to determine if the quantity of goods and services that an hour's work can buy has increased or decreased between 2000 and 2012, one should compare the
A) 2000 nominal wage with the 2012 nominal wage. B) 2000 real wage with the 2012 nominal wage. C) 2000 real wage with the 2012 real wage. D) 2000 nominal wage with the 2012 real wage. E) 2000 nominal wage with the 2012 nominal wage and the 2000 real wage with the 2012 real wage because both are important factors determining if workers can buy more or fewer goods with an hour's work.
On the Solow Diagram, an increase in population growth is shown by ________
A) an upward shift of the depreciation plus capital dilution line B) an upward shift of the investment function C) an upward shift of the per-worker production function D) a downward shift of the investment function
If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by
a. a decrease in the supply of the good. b. a decrease in the demand for the good. c. an increase in the demand for the good. d. an increase in the supply of the good.
You manage a popular nightclub and lately revenues have been disappointing. Your bouncer suggests that raising drink prices will increase revenues, but your bartender suggests that decreasing drink prices will increase revenues. You aren't sure who is right, but you do know that:
A) your bouncer thinks the demand for drinks is inelastic, while your bartender thinks the demand for drinks is elastic. B) both the bouncer and bartender think the demand for drinks is inelastic. C) your bouncer thinks the demand for drinks is elastic, while your bartender thinks the demand for drinks is inelastic. D) both the bouncer and bartender think the demand for drinks is elastic.