Which of the following examples would illustrate a backward-sloping labor supply-curve?
a. An increase in a person's wages results in the person working fewer hours per week.
b. A decrease in a person's wages results in the person working more hours per week.
c. An increase in a person's wages results in the person working more hours per week.
d. Both a and b are correct.
d
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Cab drivers operating from JFK Airport to the City of New York legally must charge a specific fare. This is an example of
A) social regulation. B) economic regulation. C) the market share test. D) the rate of return test.
Suppose an MNC subsidiary buys 100 input units from its parent at a price of $2 each. It has $300 in additional production costs, and sells its 100 units of output for $6 to the MNC. It pays a 25% local profit tax
The MNC sells the output at home for $8, and its cost of producing inputs is $1 . It pays a profit tax of 20% at home on repatriated profits. What is the subsidiary net profit? Assume no selling costs at home. What is the MNC's total profit from the operation?
The USDA threshold income level was originally based on the cost of
A) housing. B) transportation. C) basic clothing. D) a nutritionally adequate food plan.
A competitive firm sells 100 units of output for $5 per unit. The firm's marginal revenue amounts to __________
Fill in the blank(s) with correct word