If it is a cultural norm to practice an afternoon "siesta" (nap), it is likely that the labor:
A. demand in that culture would be relatively greater at any wage.
B. demand in that culture would be relatively lower at any wage.
C. supply in that culture would be relatively greater at any wage.
D. supply in that culture would be relatively lower at any wage.
D. supply in that culture would be relatively lower at any wage.
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Which of the following would cause the demand for plumbers to decrease?
a. an increase in the productivity of plumbers b. a decline in the construction of housing c. a law that mandated higher wages for plumbers d. an increase in the number of plumbers who belong to a union
A major problem with countries setting fixed exchange rates for their currencies is
A. The fixed rate will have to be maintained by currency market intervention. B. Some participating countries are likely to experience continuing balance-of-payments deficits. C. The foreign exchange reserves of participating countries will always be depleted. D. Import and export prices will probably become more unstable.
Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is $8, the quantity demanded for each person is 5. When the price is $4, the quantity demanded for each person is 9. Assuming the law of demand holds, which of the following choices is the most likely quantity demanded in the market when the price is $6?
A. 700 B. 1,200 C. 400 D. 1,000
The explicit cost of production is also called
A) accounting cost. B) overhead cost. C) direct cost. D) variable cost.