If working people in the economy become wealthier,
a. the supply curve of labor will shift to the right
b. the demand curve for labor will shift to the right
c. the demand curve for labor will shift to the left
d. some people may choose to work longer hours
e. some people may choose more leisure and fewer work hours
E
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An externality can best be defined as
A) a party not directly involved in a transaction. B) a consequence of a transaction that spills over to affect third parties. C) a right of an owner to use and exchange property. D) a cost associated with the production of one more unit of output.
Marginal product is represented by:
A. the x-axis of the total production curve. B. total product minus the total cost. C. the slope of the total production curve. D. total revenue minus total cost.
Which of the following statements best summarizes the essence of public choice analysis? a. Public choice analysis applies economic principles to political science issues
b. Public choice analysis applies political science principles to traditionally economic issues. c. Public choice analysis assumes that government leaders are primarily motivated by what is best for the community, unlike private interest groups. d. none of the above
On a graph we draw indifference curves to illustrate Steven's preferences for steak and broccoli. If two of Steven's indifference curves cross, then it cannot be the case that Steven
a. regards steak and broccoli as complements. b. spends more of his income on steak than on broccoli. c. likes steak and likes broccoli. d. always prefers more steak to less steak and more broccoli to less broccoli.