Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes
If Angus continues to play the bagpipes and Dudley calls the police, the payoffs in the appropriate cell in the payoff matrix would change to A) N/A.
B) 550, 100.
C) 100, 550.
D) The payoffs would not change.
B
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Which of the following is true about labor productivity?
A) it is the amount of total factor productivity (TFP) per unit of labor B) it is more difficult to measure than TFP C) it is a more general and better measure of productivity than TFP D) all of the above E) none of the above
If everyone had the same income, then the Lorenz curve would:
a. be the line of income equality. b. bow down below the line of income equality. c. be a parallel line lying below the line of income equality. d. bow up above the line of income equality. e. be a curve that intersects the line of income equality at its mid-point.
Economic cost
A. Includes both implicit and explicit costs. B. Includes only implicit costs. C. Decreases as the level of production increases. D. Is the sum of actual monetary payments made for resources used to produce a good.
In the simple circular flow model
A. households spend the income they receive from labor services but save the income they receive from selling the other factors of production. B. profits are a type of income that is not received by households. C. businesses buy labor services from households, but supply other factors of production themselves. D. households spend their entire income on consumer products.