Which of the following statements is true?
A) All else equal, the incentive to look for a job is lower for an individual with a lower opportunity cost of time.
B) All else equal, a worker who earned a higher income earlier but is now unemployed will have a lower opportunity cost of time than someone who had a lower income but is now unemployed.
C) All else equal, a worker who earned a higher income earlier but is now unemployed will have the same opportunity cost of time than someone who had a lower income but is now unemployed.
D) All else equal, the incentive to look for a job is higher for an individual with a lower opportunity cost of time.
A
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In 2010, the U.S. government had tax revenues of $2,703 billion and outlays were $3,973 billion. The budget
A) deficit was $1,270 billion. B) deficit was $3,973 billion. C) surplus was $2,703 billion. D) was balanced because every dollar the government spends it must raise. E) surplus was $1,270 billion. The table above gives a nation's government outlays and tax revenues for 2008 through 2012.
The law of diminishing marginal utility is consistent with the consumer behavior that produces a negatively sloped demand curve
a. True b. False Indicate whether the statement is true or false
If supply increases, sellers will ______ price, ______ quantity demanded until quantity supplied and quantity demanded are equal.
a. increase; decreasing b. reduce; increasing c. increase; increasing d. reduce;, decreasing
Which of the following is the best example of an oligopoly?
A. area restaurants B. the automobile industry C. agricultural markets free of government support D. local utilities