The consumer's work-leisure choice problem focuses on how a consumer's work-leisure decision is affected by the consumer's
A) preferences and productivity.
B) productivity and psychology.
C) psychology and preferences.
D) preferences and constraints.
D
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Which of the following reduces the magnitude of the expenditure multiplier?
A) higher marginal tax rates B) decrease in saving C) decrease in the marginal propensity to consume D) decrease in imports E) decrease in government purchases of goods and services
If a firm's fixed cost exceeds its total revenue, the firm should stop production by shutting down temporarily
Indicate whether the statement is true or false
The aggregate supply curve
a. indicates the markup at which firms are willing to supply a given level of output b. is derived from equilibrium conditions in the money market c. has a positive slope because an increase in real GDP causes an increase in the cost of resources d. is found by summing up the supply curves of all the firms in an economy e. illustrates how a change in the price level affects total output
If a firm is operating in a monopolistically competitive market, then in the long run:
A. the firm will earn a zero economic profit. B. the firm will maximize its profit by producing the output level at which the average cost is minimized. C. the firm will maximize its profit by producing the output level at which the marginal revenue is minimized. D. All of these