The theory of labor supply is based on the trade-off between __________
Fill in the blank(s) with correct word
work and leisure
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The neoclassical model focuses on the underlying determinants of output and employment in markets, and thus tends to put more emphasis on
a. inflation and recessions. b. economic growth and how labor markets work. c. economic growth and how labor markets work. d. economic growth and inflation.
The profit-maximizing rate of output for a firm in a perfectly competitive market is found where:
a. total revenue equals total cost. b. price equals average total cost. c. price equals marginal cost. d. marginal revenue equals price.
A US commercial bank can lend 100% of its excess reserves
a. true b. false
Some proponents of trade sanctions argue for changes in policy because they fear low standards will be used to capture markets and foreign investment. While theoretically possible, there is little or no support for the view that countries use low labor standards this way, because
A) countries with low labor standards generally have trouble attracting foreign investment. B) low standards can change a country's comparative advantage. C) it is impossible to lower labor standards. D) countries would not have an incentive to have low standards.