Martin is not employed. The value Martin places on his leisure time is $30 an hour. Martin looks for a job and all the offers he has are for less than $30 an hour. Martin should supply
A. between 20 and 40 hours per week in the labor market.
B. 0 hours in the labor market.
C. exactly 40 hours per week in the labor market.
D. between 0 and 20 hours per week in the labor market.
Answer: B
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Using the above table, at a price of $70, there is
A) a surplus of 150 units. B) a shortage of 120 units. C) a surplus of 270 units. D) a shortage of 150 units.
When the money market is drawn with the value of money on the vertical axis, an increase in the price level causes a
a. shift to the right of the money demand curve. b. shift to the left of the money demand curve. c. movement to the left along the money demand curve. d. movement to the right along the money demand curve.
Neoclassical economists generally believe which of the following about human behavior?
A. While individuals attempt to make rational decisions, poor computational skills often lead to systematic errors. B. People care a lot about fairness and are often willing to sacrifice some of their own well- being to treat others fairly. C. When individuals make mistakes in decision making, they adjust to these errors and rarely repeat them. D. When individuals are selfless and act for the good of others, the invisible hand guides the collective behaviors to promote the good of society.
Compensating differentials for employees can be seen as one measure of adjusting for:
A. corporate tax evasion. B. surplus labor in the unorganized sector. C. high rates of inflation. D. problems of ethical conflict.