Leisure time
A) is less valuable to us than the wage we earn for working.
B) has steadily decreased over the years.
C) is not valued as part of GDP.
D) is not an economic good.
E) is included in GDP and has become an increasingly large part of GDP.
C
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The supply of labor is defined as the relationship between the real wage rate and the
A) amount of jobs supplied by firms. B) quantity of labor supplied by households. C) quantity of labor supplied by firms. D) amount of jobs supplied by households. E) equilibrium quantity of employment.
Suppose a friend gives you two pieces of gum, and you decide to have one piece now and save the other for tomorrow. You do this because:
a. the total utility you get from the two pieces of gum will be higher tomorrow. b. the marginal utility you get from the second piece will be higher tomorrow. c. the marginal utility you get from the second piece will be higher today. d. the marginal utility you get from the first piece will be less today. e. the total utility you get from the two pieces will be less tomorrow.
When a country exports fewer goods and services than it imports, this is called
A. the terms of trade. B. the exchange rate. C. a balance of trade deficit. D. a balance of trade surplus.
The federal government ran a surplus during both the 1993-2000 Clinton administrations and the 2001-2008 Bush administrations.
Answer the following statement true (T) or false (F)