Identify three things which affect the choices households make with respect to how much labor to supply?
What will be an ideal response?
The decision of how much labor to supply is affected by three things: the availability of jobs, market wage rates, and the skills possessed by members of the household.
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Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Considering both country's production possibilities frontiers, we can conclude that Country B will specialize in:
A. trucks, and be willing to accept no fewer than 3 cars for each truck.
B. cars, and be willing to give no more than 3 cars for each truck.
C. trucks, and be willing to accept no more than 3 cars for each truck.
D. cars, and be willing to give no fewer than 3 cars for each truck.
When prices on science fiction novels decreased by 5%, the quantity demanded increased by 20%. The price elasticity of demand is
a. 4. b. 20. c. 0.25. d. 5.
______ is the measure of economic performance based on the value of all final goods and services produced within a nation during a given period.
a. GNP b. GDP c. NI d. PI
Which of the following is included in the expenditures approach to GDP?
A. Government spending on welfare payments B. Spending on meals by consumers at restaurants C. Spending on used clothing at garage sales D. The value of stocks and bonds bought by businessmen