For a worker, the opportunity cost of an hour of leisure
a. rises by $8 when his wage rises by $8 per hour.
b. falls by $8 when his wage rises by $8 per hour.
c. is the same for a celebrity talk-show host as it is for a teacher.
d. is determined by factors that are unrelated to his hourly wage.
a
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The above figure shows the cost curves for a competitive firm. If the market price is $15 per unit, the firm will earn profits of
A) $0. B) $4. C) $40. D) $160.
Contrast the Keynesian and Monetarist views on how a change in the money supply impacts the economy
Something that would cause the long-run aggregate supply curve to shift to the right would be:
A. technological advance. B. discovery of a new oil reserve. C. increase in the growth rate of the labor force. D. All of these would shift the long-run aggregate supply curve to the right.
The set of all assets that are regularly used to directly purchase goods and services is called:
A. money. B. consumption income. C. disposable income. D. fungible goods.