Suppose earnings are given by E = $60 + $7(24 ? L), where E is earnings and L is the hours of leisure. What is the price to the worker of consuming an additional hour of leisure?
A. $24
B. $12
C. $7
D. $10
Answer: C
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Use the figure below to answer the following question.
By how much does Producer Surplus decrease after the tax is imposed?
A. $114 B. $162 C. $38 D. $62
Which of the following statements about an entrepreneur is false?
A) An entrepreneur sells his entrepreneurial services in the output market. B) An entrepreneur develops the vision for the firm and funds the producing unit. C) An entrepreneur risks the personal funds provided. D) An entrepreneur organizes the other factors of production into a working unit.
The level of output produced by a monopolistically competitive industry: a. ensures profit in the long run. b. is productively efficient
c. causes a deadweight loss. d. is allocatively efficient.
Economists feared that any attempt to ________ without first ________ would have been ineffective at best and dangerous at worst.
A. lower interest rates; curtailing inflation B. stimulate aggregate demand; addressing the lack of supply C. address the lack of supply; stimulating aggregate demand D. curtail inflation; lowering interest rates