When workers purchase more leisure and work less at higher wages, the supply curve
a. is vertical.
b. is horizontal.
c. is positively sloped.
d. is backward bending.
d
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The tax cuts of 2008 were valued at approximately one percent of GDP
Indicate whether the statement is true or false
Which of the following statements is FALSE?
A) A correct measure of a firm's economic cost includes both accounting and opportunity cost. B) The accounting profit earned by a firm will always be less than its economic profit. C) The major difference between accounting and economic profit is that accounting profit does not reflect the opportunity cost of using resources. D) The accounting profit of a firm is its total revenue minus total explicit costs.
If a gamble has an expected value of zero, then it is termed a(n):
A. unfair gamble. B. fair gamble. C. better-than-fair gamble. D. zero gamble.
In 2009, President Obama and Congress stimulated aggregate demand by
A. increasing taxes and government spending. B. decreasing taxes and government spending. C. increasing taxes and decreasing government spending. D. decreasing taxes and increasing government spending.