If leisure is a normal good, then a decrease in income __________ the time allocated to __________
a. decreases; market work
b. decreases; leisure
c. decreases; nonmarket work
d. increases; leisure
e. increases; market work, nonmarket work, and leisure time
B
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Disposable income equals aggregate income
A) minus saving and minus net taxes. B) minus saving. C) minus net taxes. D) plus net taxes. E) plus saving minus net taxes.
Explain what is meant by a devaluation of a currency. Under what circumstances would a country devalue its currency?
What will be an ideal response?
The U.S. government is an asset to the U.S. economy when it
(a) effectively serves its role as the agent that defines and protects private property rights. (b) taxes one group of individuals and redistributes that taxed income to another group. (c) permits special groups to secure legislative protection from foreign competition in the industries which they own, manage or work within. (d) does all of the above.
If the marginal product of labor is positive and increasing, then the total product of labor curve is
a. constant b. upward sloping and becoming steeper c. downward sloping and becoming flatter d. lies above the total cost curve e. lies below the total cost curve