Newspaper accounts of the U.S. labor market often point out that many people are working more hours than their parents did. What might explain this phenomenon?
A) the substitution effect
B) the endowment effect
C) bounded rationality
D) the income effect
A
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The creation of the dust bowl and the migration of the "Okies" to California took place in the
A. 1920s. B. 1930s. C. 1940s. D. 1950s.
On a typical acre of land, Iowa can produce either 300 pounds of beef or 100 pounds of soybeans in a year. On a typical acre of land, Nebraska can produce 150 pounds of beef or 200 pounds of soybeans. Which of the following is correct?
A) Nebraska should produce soybeans because its opportunity cost of soybeans is lower. B) Nebraska should produce soybeans because its opportunity cost of soybeans is higher. C) Iowa should produce soybeans because its opportunity cost of soybeans is lower. D) Iowa should produce soybeans because its opportunity cost of soybeans is higher. E) Nebraska and Iowa should divide each acre evenly between soybean and beef production.
Welfare payments _____
a. often increase the marginal cost of being employed b. often decrease the marginal cost of being employed c. have led to a tremendous decline in poverty since 1968 d. have no relationship to the marginal cost of being employed
One interesting feature of federal government spending in the United States is that:
A. it has historically always been greater than the revenues generated. B. little of it is discretionary. C. the majority of it is discretionary. D. it has historically always been less than the revenues generated, until the last 20 years.