The labor supply curve is generally considered to be upward-sloping because the opportunity cost of leisure:
A. increases as wages get higher.
B. has nothing to do with wages.
C. decreases as wages get higher.
D. remains unchanged as wages get higher.
Answer: A
You might also like to view...
Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period
Producers in which nation have an incentive to specialize in orange production? A) The U.S. B) Canada C) Both of the above have an incentive to specialize in orange production. D) Neither of the above have an incentive to specialize in orange production.
GDP may be computed using the expenditure or value-added approaches
Indicate whether the statement is true or false
If he devotes all of his available resources to cantaloupe production, a farmer can produce 120 cantaloupes. If he sacrifices 1.5 watermelons for each cantaloupe that he produces, it follows that
a. if he devotes all of his available resources to watermelon production, then he can produce 80 watermelons. b. he cannot have a comparative advantage over other farmers in producing cantaloupes. c. his opportunity cost of one watermelon is 2/3 of a cantaloupe. d. his production possibilities frontier is bowed-out.
Which of the following activities would be included in GDP?
A. You pay a friend $30 to bake a cake. B. You buy a cake from a local bakery for $30. C. You bake a cake for yourself. D. All of these would be included in GDP.