As the market wage rate increases, it will exceed more individuals' reservation wage rates; this ensures the market supply of labor curve will be upward sloping
a. True
b. False
A
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The table above shows the marginal private benefit, marginal social benefit, and marginal cost of education at the College of Epsilon. What is the equilibrium number of students at the college if the market is unregulated?
A) 1,000 B) 3,000 C) 4,000 D) 5,000
Suppose 10 workers jointly own and farm a piece of land. They all consume the farm's output in equal shares. If one worker decides to shirk and cuts her labor effort by 50 percent,
a. her consumption will decrease by 50 percent. b. her consumption will decrease by greater than 50 percent. c. her consumption will decrease by less than 50 percent. d. her consumption will not change.
Refer to Figures d and e. Bundle A is preferred to bundle B in Figure e and not in Figure d because:
A. the MRS between water in a rainy season and during a drought is higher in e than in d.
B. as the probability of a drought increases, consumers are no longer indifferent between the two bundles.
C. as the probability of a drought decreases, water in a rainy season becomes less valuable.
D. consumers are indifferent between bundles A and B as the probability of a drought increases.
Refer to the information provided in Table 31.1 below to answer the question(s) that follow.Table 31.1PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 60 50 2203 70 50 2354 80 50 245Refer to Table 31.1. During Period 1, labor productivity is equal to
A. 0.25. B. 1.0. C. 2.0. D. 4.0.