Leisure being an inferior good is necessary but not sufficient for labor supply to slope up.
Answer the following statement true (T) or false (F)
False
Rationale: Leisure being an inferior good is sufficient but not necessary -- because leisure can also be a normal good with labor supply sloping up.
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The MFC can be calculated by the
A) change in total wages/change in labor. B) total wages/total labor. C) change in labor/change in total wages. D) total wages/change in labor.
From 1680 to 1770 average ship speeds:
a. increased by 100 percent. b. increased by 80 percent. c. increased by 75 percent. d. decreased by 50 percent. e. did not change appreciably.
Tony lent Dave $1,000 for one year with the understanding that Dave would repay $1,070 . If the actual inflation rate was 7 percent, then the real rate of interest Tony received is _____
a. 14 percent b. 7 percent c. 4 percent d. 0 percent e. ?7 percent
Which of the following statements about perfectly competitive markets is not correct?
a. In the short run, firms can earn economic profits or suffer economic losses. b. The market demand curve is downward sloping. c. The demand curve facing an individual firm is perfectly elastic. d. In the long run, firms can earn economic profits or suffer economic losses. e. In the long run, firms can enter or exit the market.