Consider two individuals: John and Jenna. John has an opportunity cost of time equal to $50 per hour, while Jenna has an opportunity cost of time equal to $25 per hour
Which of the two individuals has a greater incentive to look for work when unemployed?
In this case, the opportunity cost of time of an individual reflects the amount of income he would generate if he worked for an hour. Since John has a higher opportunity cost of time than Jenna, he can earn higher income than Jenna if he finds work. Hence, John will have a greater incentive to look for work when he is unemployed in comparison to Jenna.
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Suppose the current stock of greenhouse gases in the atmosphere is 100 million tons, the stock dissipation rate is 0.02, and we will emit 4 million tons into the atmosphere this year
What is the stock level of greenhouse gases expected to be for next year? A) 98 million tons B) 100 million tons C) 102 million tons D) 104 million tons
The marginal revenue product of labor is equal to
A. The change in total output divided by the change in the quantity of labor. B. The marginal physical product multiplied by the price. C. The change in the quantity of labor divided by the change in total revenue. D. The percentage change in total revenue divided by the percentage change in the quantity of labor.
"More productive workers receive higher wages than less productive workers." This observation is a major flaw in which of the following arguments for protectionism?
A. the infant industry argument B. the national security argument C. the employment argument D. the cheap foreign labor argument
Exports minus imports equals net exports.
a. true b. false