Suppose the marginal product of labor (MPL) is greater than the real wage. If the real wage remains constant, then we should expect ________
A) an increase in employment and decrease in the MPL
B) an increase in the supply of labor and decrease in the MPL
C) an increase in leisure and no change in the MPL
D) an increase in the supply of labor and no change in the MPL
A
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When John was in college and his income was low, he drank "Red Ribbon" beer. As his income increased, he purchased better-quality beer and less "Red Ribbon." Which graph in the above figure best represents John's Engel curve for "
A) Graph A B) Graph B C) Graph C D) Graph D
In traditional economies, people base economic decisions on the precedents established by previous generations
a. True b. False Indicate whether the statement is true or false
Which piece of legislation forbids most forms of price discrimination?
a. Sherman Act b. Robinson-Patman Act c. Cellar-Kefauver Act d. Clayton Act
An income tax is a tax:
A. on income earned by buying investments and selling them at a higher price. B. charged on the earnings of individuals and corporations. C. charged on the value of a good or service being purchased. D. on the wages paid to an employee.