If households were to switch production away from an equal division of chores
(e.g., doing dishes, mowing the lawn, etc.) to a system based on specialization and trade, the efficiency of household production would probably ________ and leisure time would probably ________.
A) decrease; decrease
B) decrease; increase
C) increase; increase
D) increase; decrease
C
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One implication of the median voter model is that a candidate is likely to label himself __________ and his or her opponent as __________
A) moderate; too far right or too far left (whichever makes more sense) B) a member of one of the political wings; moderate or mainstream C) as a member of the political right; moderate D) as a member of the political left; moderate E) none of the above
We will keep buying digital music downloads from the Internet until the marginal utility of the music downloads
A. rises to the price of the download. B. falls to the price of the download. C. is greater than the price of the download. D. is less than the price of the download.
The equation for a budget line for goods X and Y, with Px being the price of X, Py being the price of Y, and B being the budget, can be written as:
A. PxX + PyY = B. B. PxX + PyY = 1 / B. C. PxX = B + PyY. D. PxX / PyY = 1 ? B.
Structural unemployment exists when
A. the government decides who is unemployed. B. there are too few workers to fill available jobs. C. there is a mismatch between worker skills and employer needs. D. the construction industry lays workers off.