The backward-bending labor supply curve includes each of these variables except
A. the income effect.
B. the substitution effect.
C. the savings effect.
C. the savings effect.
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The value of an item expressed in today's dollars is known as
A) inflation. B) deflation. C) the nominal value. D) the real value.
Moving down along an indifference curve: a. total utility remains constant
b. total utility decreases. c. total utility increases. d. total utility first decreases and then increases.
Which of the following resulted from the Smoot-Hawley trade bill of 1930?
A) The stock market began a steady recovery from the crash of October 1929. B) Imports decreased, while exports increased, resulting in an overall increase in GDP and tariff revenues. C) The higher tariff rates increased federal revenues and led to a balanced budget the year after passage of the bill. D) The unemployment rate, which stood at less than 8 percent when the bill was passed, soon soared to double-digit levels.
The additional cost associated with hiring one additional unit of some factor input, such as labor, is referred to as
A) marginal physical product of labor. B) marginal revenue cost. C) marginal factor cost. D) marginal revenue product.