Which of the following statements would be represented by a backward-bending labor supply curve?
a. A $50,000-a-year professor works more hours than a $20,000-a-year professor.
b. The CEO of a major computer manufacturer works more hours than the union workers.
c. The owners of a successful business work fewer days than do their employees.
d. Hospital janitors work fewer hours than does the chief of obstetrics.
e. High-ranking executives are more likely to work past 5:00 p.m. than are middle managers.
C
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Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$.75The Corner Store$2.50$2.00What is the sum of the value added of all the firms?
A. $4.50 B. $2.50 C. $5.25 D. $2.75
In the United States, taxpayers are allowed to exclude from taxation a certain amount of income, called
A) the personal income exclusion. B) the personal exemption. C) the income tax credit. D) the income allowance.
Economists frequently urge governments of developing countries to replace import quotas with import tariffs as a first step in a strategy that aims to reduce import protection
What is the reasoning offered by economists to support this recommendation to developing countries?
If a consumer purchases a combination of commodities a and b such that MUa/Pa = 50 and MUb/Pb = 30, to maximize utility, the consumer should buy:
a. less of both a and b b. more of both a and b c. more of a and less of b d. less of a and more of b