As the wage rate decreases, the amount of time spent on market work usually
a. increases because the opportunity cost of nonmarket work increases
b. increases because of the substitution effect
c. decreases because of the income effect
d. decreases because the value of leisure time increases
e. decreases because the opportunity cost of leisure declines
E
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The difference between economic profit and accountant's definition of profit is that an economist's total cost counts the ____ of inputs
a. absolute value b. overheads c. opportunity cost d. gross cost
In the graph below at P*, the firm is making ________ economic profits. 
A. positive B. an indeterminate level of C. zero D. negative
Can the U.S. federal government go broke as a result of a large national debt?
What will be an ideal response?
Recall the Application about finding estimates of elasticities of demand to answer the following question(s).According to the Application, the regular price elasticities of demand found at www.ers.usda.gov are reported as:
A. positive numbers. B. negative numbers. C. dollars per unit of foreign currency. D. foreign currency units per dollar.