The labor-supply curve is affected by the trade-off between labor and leisure
a. True
b. False
Indicate whether the statement is true or false
True
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If all consumers are price-takers facing the same prices, then their budget lines will all have the same slope.
Answer the following statement true (T) or false (F)
A recession is a slowdown in the rate of economic growth that
A) causes total income to fall even though total output has not declined. B) is unintended and therefore disappoints people's expectations. C) lowers the nominal level of gross domestic product. D) persists longer than one year. E) results in fewer people being employed.
Teddy buys only chocolate chip cookies and hot chocolate and spends all of his income on the two items. Suppose that Teddy's marginal utility per dollar from cookies exceeds that from hot chocolate. Teddy can make himself better off if he buys
A) more cookies and less hot chocolate. B) fewer cookies and more hot chocolate. C) an equal amount of cookies and hot chocolate. D) only hot chocolate.
A manager in charge of new product development can hire engineers and market researchers. The annual salary of an engineer is $30,000 and that of a market researcher is $20,000. The marginal contribution of engineers and market researchers are
Given the above information, if the manager currently has two engineers and one market researcher, what must be true?
A. Fewer new products will be developed if he hires fewer engineers and more market researchers. B. He is not making the correct decision because MPE / PE > MPR/ PR. C. More new products will be developed if he hires fewer engineers and more market researchers. D. He is making the correct decision because MPE = MPR.