The demand for labor curve depicts
a. a relationship between the price of a good and the quantity of labor necessary to produce different amounts of that good
b. a relationship between wages and profits in a firm
c. how the wage rate changes when the price of the good produced by labor changes
d. a relationship between the real wage rate and the quantity of labor demanded
e. how much labor will be hired at different profit levels
D
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Using Scenario 1 what is the maximum grade you could earn in any one course? If you wanted to earn a grade of 90 in French but no better than a 70 in economics are you operating on your budget constraint? Why or why not?
What will be an ideal response?
Which of the following is an accurate statement about rationality?
a. Rationality is the same for all people. b. Rationality is subjective. c. Rationality yields mostly satisfying results. d. Rationality uses complex formulas.
Reserve requirements for checking accounts are ____ those on time deposits.
A. higher than B. lower than C. the same as
What is one reason the federal government might "bail out" farmers in flood prone areas of the country?
A) Such flooding is not diversifiable and therefore only non-profit entities, such as the federal government, can cover the risks. B) Such flooding is diversifiable, but insurance company CEOs are more concerned with their stockholder wealth than the well-being of farmers. C) Such flooding is diversifiable, but the market for such insurance policies cannot clear without the assistance of the International Community. D) Such flooding is known to happen on a regular basis and therefore there is no "risk" to be insured against.