Incentives work by changing the trade-offs faced by individuals
Indicate whether the statement is true or false
TRUE
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Explicit costs are
A) costs that are measured in dollars. B) costs that do not involve an exchange of money. C) the same as opportunity costs. D) the same as implicit costs.
In an indifference curve diagram, the quantities of good Y are measured along the vertical axis and the quantities of good X are measured along the horizontal axis. The marginal rate of substitution is defined as
A) how much good Y you must give up to get one more unit of good X. B) how much good Y you are willing to give up to get one more unit of good X. C) the relative price of good Y in terms of good X. D) how much you prefer to substitute good X for good Y.
Which of the following will not result in a rightward shift of the market supply curve for labor?
a. an increase in immigration b. an increase in labor productivity c. an increase in the working-age population d. a decrease in nonwage income
Which of the following is an example of a renewable natural resource?
a. fish b. soybeans c. wood d. All of the above are correct.