Pick the true statement from your textbook:
A) Land has a cost.
B) Fruit has a cost.
C) Fertilizer has a cost.
D) Only actions can have costs.
D
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People increase their labor supply in response to a temporary increase in government purchases because
A) current or future taxes will increase, making them financially worse off. B) they need to work more to keep up with their neighbors. C) interest rates will rise, causing a substitution effect. D) higher spending today will lead to higher spending in the future, as well.
In general, the larger the membership of a union the:
A. more power it has to keep wages above equilibrium. B. less power it has to keep wages above equilibrium. C. more likely the distribution of power within the organization will make it less effective. D. greater the chance that it abuses its power.
The total earnings of a worker are represented by E = 150 + $12(24 ? L), where E is earnings and L is the number of hours of leisure. How much will the worker earn if he takes 16 hours of leisure per day?
A. $278 B. $342 C. $96 D. $246
Which of the following is true of an economic union?
A. Free movement of resources, but restricted movement of goods among the member countries B. Free movement of goods, but restricted movement of resources across the member countries C. Harmonization of all economic policies in the member countries D. The members have a common set of tariffs among themselves but the external tariff rates are determined independently.