Definition of leisure.
Answer:
defined as activity
defined as free time
defined as a symbol of social class
defined as a state of mind
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A perfectly inelastic demand curve
a. Is a horizontal curve parallel to the horizontal axis b. Has an elasticity of demand between 0 and 1 c. Represents the demand curve of a product with no close substitutes d. None of the above
Aggregate supply denotes the relationship between the __________________ that firms choose to produce and sell and the _________________, holding the price of inputs fixed.
a. total quantity; price level for output b. type of goods; input price of raw materials c. price of goods; number of employees d. total inputs; types of goods
If workers become more productive as a result of a new technology, the demand for these workers will decrease because the firm will not need to hire as many
Indicate whether the statement is true or false
Why do permanent tax cuts have a greater impact on consumption than temporary tax cuts?
a. Permanent tax cuts have a greater effect on expected long-run inflation. b. Permanent tax cuts are perceived as minor while temporary tax cuts are larger and more effective. c. Permanent tax cuts cause movement along the consumption function, while temporary tax cuts shift the consumption function. d. Permanent tax cuts affect expectations of long-run income more than temporary tax cuts.