The theory of public choice assumes that individual behavior in the political arena is motivated primarily by
a. the electorate
b. social welfare
c. public interest
d. altruism
e. self-interest
E
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The output effect of a change in the wage rate on a firm's demand for labor input will be greater
a. the larger the share of labor costs in total costs and the greater the price elasticity of demand for output. b. the larger the share of labor costs in total costs and the smaller the price elasticity of demand for output. c. the larger the share of labor costs in total costs and the higher the quantity demanded. d. the smaller the possibilities of substituting capital for labor.
In the long run, an increase in consumer spending would cause output to ________ and the price level to ________.
A. stay constant; rise B. stay constant; stay constant C. rise; rise D. rise; stay constant
Which of the following is not an example of a market?
A. An auction B. Grocery store C. Donation center D. EBay
The concept of price elasticity is applied to changes in:
A. quantity demanded, but not quantity supplied. B. quantity supplied, but not quantity demanded. C. both quantities supplied and quantity demanded. D. neither quantity supplied nor quantity demanded.