Which of the following workers would be most likely to work fewer hours as a result of a wage increase?
A. Farm worker
B. Surgeon
C. Lifeguard
D. Bartender
Answer: B
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If Table 12.2 represents all the investments available to the economy, the nominal interest rate is 10 percent and there is no inflation, what will be the level of investment in the economy?
A) $0 B) $200 C) $300 D) $500
Refer to Figure 4-1. Kendra's marginal benefit from consuming the third ice cream cone is
A) $13.00 B) $2.50 C) $1.50 D) $0.50
Which of the following statements is FALSE?
A) As society increases its wealth, the problem of scarcity disappears. B) The factors of production are used to produce outputs that help society satisfy its wants. C) Even though a society faces the problem of scarcity, it does not necessarily suffer from poverty. D) Land and labor are both factors of production.
Graphically, an increase in demand is represented by
A. an upward movement (from right to left) along a given demand curve. B. an outward shift of the demand curve. C. an inward shift of the demand curve. D. a downward movement (from left to right) along a given demand curve.