If the wages of a CPA decrease, (i) her opportunity cost of leisure increases. (ii) her opportunity cost of leisure decreases. (iii) her hours of labor supply may increase. (iv) her hours of labor supply may decrease
a. (i) and (iii) only
b. (ii) and (iv) only
c. (i), (iii), and (iv) only
d. (ii), (iii), and (iv) only
d
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In 2011, the U.S. experienced
a. both current account and financial account deficits. b. a deficit in the current account and a surplus in the financial account. c. a surplus in the current account and a deficit in the financial account. d. a surplus in both the current account and the financial account.
When we are calculating the consumer price index and the inflation rate for a certain year,
a. the value of the consumer price index may depend on the choice of a base year, but the inflation rate does not depend on the choice of a base year. b. the inflation rate may depend on the choice of a base year, but the value of the consumer price index does not depend on the choice of a base year. c. both the value of the consumer price index and the inflation rate may depend on the choice of a base year. d. neither the value of the consumer price index nor the inflation rate depends on the choice of a base year.
As the economy expands, tax revenues _____ and transfer payments _____.
A. fall; rise B. fall; fall C. rise; fall D. rise; rise
The more sensitive planned investment is to the interest rate, the less the effectiveness of monetary policy.
a. true b. false