A worker deciding how many hours to work can be represented:
A. with an individual labor-supply curve.
B. in the market labor-supply curve.
C. with an individual labor-demand curve.
D. in the market labor-demand curve.
A. with an individual labor-supply curve.
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The single most important reason for Canada's seeking a free trade agreement with the United States was to
A) ensure its access to the U.S. market. B) ensure its ability to join NAFTA. C) harmonize its environmental laws with the United States. D) avoid international outsourcing in low wage countries. E) ensure the continuation of its social programs.
A firm in a perfectly competitive market can maximize its profits by producing:
A. the level of output where marginal cost equals marginal revenue. B. any level below where marginal cost equals marginal revenue. C. any level beyond where marginal cost equals marginal revenue. D. slightly below its maximal capacity.
Expansionary fiscal policy is so named because it:
A. necessarily expands the size of government. B. involves an expansion of the nation's money supply. C. is aimed at achieving greater price stability. D. is designed to expand real GDP.
In economics, the concept that individuals are motivated by self-interest and respond predictably to opportunities is known as
A) rational behavior. B) altruism. C) normative bias. D) empiricism.