The wage rate is
A. Not related to labor supply because people must work to survive.
B. The payment for labor.
C. Not related to the value of leisure because people need to relax.
D. The opportunity cost of labor.
Answer: B
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Refer to the scenario above. Which of the following is true, if the individual is optimizing in levels?
A) An optimizer will rent the hotel room for three days, if the net benefit of staying for the third day is negative. B) An optimizer will rent the hotel room for three days, if the cost of staying for two days exceeds the cost of staying for three days. C) An optimizer will rent the hotel room for three days, if the net benefit of staying for three days exceeds the net benefit of staying for two days. D) An optimizer will rent the hotel for three days, if the total benefit of staying for three days exceeds the total benefits of staying for two days.
Keynes was especially concerned with explaining the
A) recession of 1920-21. B) low levels of output and employment during the Great Depression. C) strong economic growth of the 1920s. D) high unemployment in Great Britain during the 1920s.
Which of the following terms did Nobel laureate Herbert Simon coin?
a. anchoring b. bounded rationality c. framing d. rule of thumb
The marginal principle ________ to the determination of the efficient level of pollution abatement because ________.
A. applies; there are tradeoffs in terms of the costs and benefits of pollution abatement B. applies; pollution abatement causes greater harm than benefits C. does not apply; it is immoral to trade a dirtier environment for material wealth D. does not apply; the costs and benefits of pollution abatement cannot be measured