In comparing the changes in TVC and TC associated with an additional unit of output, we find that:
A. no generalization about the changes in TC and TVC can be made.
B. the changes in TC and TVC are equal.
C. the change in TC is greater than the change in TVC.
D. the change in TVC is greater than the change in TC.
Answer: B
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Which would most likely shift the aggregate supply curve? A change in the prices of ________.
A. foreign products B. financial assets C. domestic products D. resources
Assuming that the demand for a good has increased and the supply of a good has decreased by the same amount, then: a. The change in price is determinate but the change in quantity is indeterminate. b. The change in quantity is determinate but the change in price is indeterminate. c. Both the change in price and the change in quantity will be indeterminate
d. Neither the change in price nor the change in quantity will be indeterminate.
In reality, there is not one labor market, but many.
Answer the following statement true (T) or false (F)
Assuming that leisure is a normal good, if an individual's labor supply curve is upward sloping, then the
A. income effect and the substitution effects are equal. B. income effect is zero. C. substitution effect outweighs the income effect at higher wages. D. income effect outweighs the substitution effect at higher wages.