The market supply curve of labor for an occupation is positively sloped in part because an increase in the wage rate will encourage more people to work in that occupation.
Answer the following statement true (T) or false (F)
True
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Diminishing returns, so that each additional hour of labor employed produces successively smaller additional amounts of real GDP, exist because
A) additional workers are paid higher wage rates. B) labor is not very productive. C) extra labor produces more output. D) all other factors are held fixed. E) the price level rises as more workers are employed.
When the interest rate earned on government bonds is high, most people will try to hold:
A. more bonds and less cash. B. less bonds and more cash. C. more bonds and more cash. D. less bonds and less cash.
Which of the following illustrates a barter transaction?
A) A bushel of oranges is traded for a bushel of apples. B) Someone buys a pizza for the special price of $4. C) Someone buys a house for $100,000. D) b and c E) a, b, and c
In terms of planning, which of the following is an advantage of the long run over the short run?
a. flexibility b. complexity c. inelasticity d. frequency