Which of the following does the labor-leisure budget constraint identify?
a. Only the labor-leisure combinations that are possible
b. Only the labor-leisure combinations that may be preferable
c. Only the hours of leisure that are possible
d. Only the income-leisure combinations that are possible
a
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If an person believes that it is likely that interest rates will increase, she is likely to hold less
A) money. B) real assets. C) stock. D) bonds.
When a firm is experiencing increasing marginal costs, it implies
a. There are constant marginal productivity b. There are decreasing average costs c. There are decreasing marginal productivity d. There are increasing marginal productivity
If one tracks the prices of critical metals, one sees that
a. they have risen more slowly than the general rate of inflation. b. they have risen about as rapidly as the general rate of inflation. c. the prices indicate increasing scarcity of the metals. d. the prices have fluctuated too wildly to conclude anything.
Technological change or the effects of automation cause
a. structural unemployment. b. frictional unemployment. c. seasonal unemployment. d. cyclical unemployment.