In the above figure, how many bushels of corn are produced at point "a"?
A) 10,000
B) 2,500
C) 1,000
D) 0
B
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With respect to labor supply, the substitution effect takes account of the point that at higher wage rates
A) a person can afford to take more leisure. B) leisure has become less expensive and so a person consumes less leisure. C) there are no factors inducing a person to work less. D) leisure has become more expensive and so a person consumes less leisure.
Classical theory advocates _____________ policy and Keynesian theory advocates ______________ policy
a. nonintervention; intervention b. active; nonstabilization c. stabilization; fixed wage d. fixed rule; passive
Which of the following explains the downward slope of the aggregate demand curve?
a. disposable income remains unchanged when prices rise. b. higher domestic prices encourage exports and discourage imports. c. higher prices reduce the household’s real wealth. d. All of these.
Assume that good X and good Y each have diminishing marginal utility for a consumer. In this case,
A. an indifference curve linking the two goods will have a constant slope. B. the demand curves for these goods will be positively sloped. C. an indifference curve will be convex to the origin. D. the demand curves for these goods will be horizontal.