The supply of labor generally is considered to be downward-sloping because the opportunity cost of leisure decreases as wages increase.
Answer the following statement true (T) or false (F)
False
As wages increase, so does the opportunity cost of leisure because more income is forgone. This is why the labor supply curve is normally upward-sloping.
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The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400Application of the Cost-Benefit Principle would lead one to purchase a ________ computer.
A. 2.5GHz B. 2.0GHz C. 3.0GHz D. 4.0GHz
A change in the price of a product will change the supply of that product.
Answer the following statement true (T) or false (F)
Wealth is the same as net worth.
Answer the following statement true (T) or false (F)
Until the 1970s, the United States generally had a trade surplus.
Answer the following statement true (T) or false (F)