Which of the following is an example of something economists study?
a. Mitch chooses to work overtime to earn extra income for his family.
b. Megan sells her physics textbook from last semester to her roommate for half the price of a new textbook.
c. The unemployment rate in the United States has fallen by two percentage points in the last few years.
d. All of the above are correct.
d
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Increasing worker productivity by creating economic incentives is an example of
a. laissez faire. b. supply-side economics. c. pump priming. d. Say’s Law.
Economists might be willing to accept a policy that adversely affected distribution of income if it
a. lessened income disparities. b. diminished labor productivity by a large amount. c. increased productivity by a large amount. d. were favorable to the rich.
Wage and MFC differ for a monopsonist because:
A. the monopsonist is forced to pay a wage greater than the worker's MFC. B. the monopsonist must accept the market wage rate. C. workers are not as efficient when employed by a monopsonist. D. any wage increase applies to all workers, not just to the next hired.
A society that is producing on its production possibilities frontier is
A) not utilizing all of its resources. B) not being technologically efficient. C) producing too much output. D) fully utilizing all of its productive resources.