Answer the following statement(s) true (T) or false (F)
1. The spot market is the market for goods that are to be delivered at a particular location, or “at that spot”.
2. There are three types of decision makers in a market economy, consumers, firms and resource suppliers.
3. Tastes and preferences are relevant to individual choices for consumption but not relevant to choices for supplying labor.
4. An individual's indifference curves between labor and consumption are upward sloping because both are desired.
5. Higher wages always cause a worker to increase the quantity of labor supplied.
1. True
2. False
3. False
4. False
5. False
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If the natural rate of unemployment equals 8 percent and the actual rate of unemployment equals 6 percent, then cyclical unemployment equals:
A. 10 percent. B. 2 percent. C. -1 percent. D. -2 percent.
If real GDP per person is growing at 4 percent per year, approximately how many years will it take to double?
A) 17.5 B) 25 C) 4 D) 8
If the percentage change in quantity demanded is greater than the percentage change in price, can you determine if the demand is elastic, unit elastic, or inelastic? Explain your answer
What will be an ideal response?
Following the September 11, 2001, terrorist attacks, the managers of many hotels expected a prolonged period of reduced travel and responded by laying off workers and postponing or canceling new construction
Isadore Sharp, the chairman and CEO of Four Seasons Hotels, decided to A) curtail expansion plans, and by significantly cutting back on expansion was able to maintain the company's market share. B) continue expanding and the company ended up losing significant market share. C) curtail expansion plans and the company ended up losing significant market share. D) continue expanding and was able to maintain or enhance the company's market share.