Which of the following affects a person's decision to work?
A. the price of consumption goods relative to the wage
B. how much the person enjoys working
C. the person's income from nonlabor sources
D. the amount of fringe benefits offered to the person
E. All of the above affect a person's decision to work.
Answer: E
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When a variable is determined by a factor outside of the function or model being evaluated, it is said to be
A) endogenous. B) exogenous. C) unexplained. D) statistically insignificant.
Under what conditions will a firm's long-run producer surplus exceed their economic rents?
A) The firm requires land resources in the production process. B) The firm has access to specialized tools or technology that other firms do not own. C) The firm has access to knowledge or human capital that other firms do not own. D) The firm is operating in an imperfectly competitive market.
The Coase theorem asserts that:
a. government intervention is necessary to deal with externalities. b. there are no costs associated with pollution abatement. c. when there are external costs, the industry supply curve reflects the true social costs. d. when externalities are present, an economy can reach an efficient solution as long as transactions costs are not too high.
Straight-line production-possibility curves indicate that the opportunity cost of producing additional units of each good is constant.
Answer the following statement true (T) or false (F)