Which of the following would be better purchased from one who specializes in making them or producing them yourself?
a. A remote control
b. spaghetti sauces
c. strawberry jam
d. chocolate chip cookies
a
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The demand for labor decreases when the:
A. real wage decreases. B. value of the marginal product of labor decreases. C. real wage increases. D. value of the marginal product of labor increases.
In the worker's leisure/consumption model, the wage is the same as the price of consumption.
Answer the following statement true (T) or false (F)
The Keynesian revolution
a. was an attack on the classical supply-determined, full-employment theory of output and employment. b. attacked the quantity theory of money. c. shared with the classical model the belief that prices and wages are perfectly flexible. d. All of the above e. both a and b.
Three possibilities have probabilities 0.5, 0.4 and 0.1 and values $10, $20, and $30 respectively. The expected value is:
a. $15 b. $16 c. $17 d. $18