Because of the income effect, a higher wage rate
A) shifts the supply of labor curve leftward.
B) shifts the supply of labor curve rightward.
C) leads to a decrease in quantity of labor supplied.
D) leads to an increase in quantity of labor supplied.
C
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Using Scenario 2 what would be the number of points that the testing company would have to award to make students indifferent between guessing and not guessing even when the student has eliminated three of the answers if it still wishes to impose a
five point penalty for guessing incorrectly. Would this be any different than awarding one point for correct answers and zero points for wrong answers?
Production is efficient when
A) it generates a point beyond the production possibility curve. B) the maximum output possible is being produced given current levels of resources and technology. C) technological change occurs. D) the maximum amounts of the most important good are produced.
Corrective taxes enhance efficiency, but the cost to administer them exceeds the revenue they raise for the government
a. True b. False Indicate whether the statement is true or false
A recommended policy for developing countries to stimulate economic growth would be:
A. Abolishing central banks B. More central planning by government C. Encouraging more direct foreign investment D. Expansion of employment in state industries