The price of leisure
A) is the same for everyone.
B) depends on the number of hours worked.
C) is measured as foregone earnings.
D) is immeasurable.
C
You might also like to view...
An effective import quota is one that
a. reduces imports to zero b. increases exports c. reduces the price of an imported good below the world price d. limits imports to less than what would be imported under free trade e. reduces demand for a good to zero
Total utility: a. generally diminishes as consumption of a good increases. b. always increases as consumption increases
c. increases only as long as marginal utility increases. d. increases as long as marginal utility is positive.
If the Fed buys government bonds on the open market, which of the following will occur?
A. The money supply will contract. B. The market rate of interest on corporate bonds will increase. C. The market rate of interest on government bonds will increase. D. The interest rate will fall.
A maximum price, set by the government, that sellers may charge for a good is known as
A. a price floor. B. a price ceiling. C. a price rationing mechanism. D. a subsidy.