Moving along the supply curve for labor, increases in the quantity of labor result from ________
A) diminishing returns to labor effort
B) a rising cost of leisure
C) a reduced preference for leisure
D) more efficient recruitment of workers
B
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Under the monetary approach to the exchange rate
A) an interest rate decrease is associated with higher expected inflation and a currency that will be weaker on all future dates. B) an interest rate increase is associated with higher expected deflation and a currency that will be weaker on all future dates. C) an interest rate increase is associated with higher expected inflation and a currency that will be strengthened on all future dates. D) an interest rate increase is associated with higher expected deflation and a currency that will be strengthened on all future dates. E) an interest rate increase is associated with higher expected inflation and a currency that will be weaker on all future dates.
The SSS Co has a patent on a particular medication. The medication sells for $1 per daily dose and marginal cost is estimated to be a constant at $0.20
Assuming linear demand and marginal cost curves, use this information to estimate the deadweight loss from monopoly pricing if the firm currently sells 1,000 doses per day. Can this loss be justified?
A utility function is:
A. an equation for calculating the most utility a particular person can derive. B. an equation for calculating the total utility that a particular person derives from consuming a particular good over a particular time period. C. an equation for calculating the total utility that a group of people derive from consuming a particular good. D. an equation for calculating the total utility that a particular person derives from consuming a particular combination of goods and services.
In the U.S. economy, building human capital is more important than building physical capital
a. True b. False Indicate whether the statement is true or false