The price for labor is the wage rate. What happens to the supply of labor if wages increase?
a. It increases.
b. It decreases.
c. It does not change.
d. Uncertain-economic theory has no answer to this question.
c
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A small Caribbean island-country produces only pineapples and rum. If resources are used efficiently in the economy,
A. it will not be possible to produce more rum without decreasing the production of pineapples. B. it will be possible to produce more pineapples without decreasing the production of rum. C. it will be producing on its production possibilities curve. D. it will not be possible to produce more rum without decreasing the production of pineapples AND it will be producing on its production possibilities curve.
The point where the indifference curve is tangent to the budget line
A) is the best affordable point. B) is where the marginal rate of substitution exceeds the relative price by as much as possible. C) is a point on consumer's demand curve. D) All of the above answers are correct.
If the number of employed workers in a country decreases, the unemployment rate in the country will increase
a. true b. false
Which of the following would not be classified as an economic resource by economists?
A. A professional soccer player. B. Water in a town's reservoir. C. Money in a business checking account. D. The manager of the local hamburger restaurant.