Since the demand for labor depends upon the demand for the final product, we say that labor is
A) a derived demand.
B) an "inverse" demand.
C) a positive demand.
D) a reverse demand.
A
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"Privatization of government owned industries is a more desirable way to operate an economy" is a ________ statement about ________ policy.
A. normative; monetary B. positive; structural C. normative; structural D. positive; fiscal
If transactions costs are high, the economic pie may not be maximized
Indicate whether the statement is true or false
A mother gives her teenage daughter two choices: spend 20 minutes cleaning her room today or spend 25 minutes cleaning her room tomorrow. The same mother gives her same daughter two additional choices: clean out the garage for 20 minutes next Tuesday or 25 minutes next Wednesday. According to economic theory,
a. if the daughter chooses to procrastinate, she is behaving irrationally. b. the daughter will likely choose to clean out her room tomorrow but clean out the garage next Tuesday. c. the daughter will likely choose to clean out her room tomorrow and clean out the garage next Wednesday. d. if the daughter chooses to procrastinate, she is exhibiting satisficing behavior.
Suppose option A has a higher standard deviation than option B. Which of the following statements is, in general, true?
A. A risk-averse person prefers option A to option B. B. A risk-neutral person is indifferent between options A and B. C. A risk-averse person prefers option B to option A. D. Insufficient information to determine.