Empirical studies have found that the labor supply curves for most parts of the population are
A) backward bending.
B) upward sloping.
C) downward sloping.
D) nearly vertical.
D
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Which of the following is true of the law of diminishing marginal utility?
a. The additional utility that a person receives from consuming the first unit of a good will be more than the additional utility received from consuming the fifth unit of that same good. b. The additional utility that a person receives from consuming the first unit of a good will be less than the additional utility received from consuming the fifth unit of that same good. c. The additional utility that a person receives after consuming the first unit of a good will be equal to zero. d. The additional utility that a person receives from consuming the first unit of a good will be equal to the additional utility received from consuming the fifth unit of that same good.
In the short run, crowding out could be avoided if foreigners:
A. bought the U.S. debt at the existing interest rate. B. bought the U.S. debt at a higher interest rate. C. sold the U.S. debt at the existing interest rate. D. sold the U.S. debt at a higher interest rate.
Holding supply constant, a reduction in demand leads to
A) lower prices and higher quantity supplied. B) lower prices and lower quantity supplied. C) higher prices and higher quantity supplied. D) higher prices and lower quantity supplied.
Critically evaluate the following statement. "The presence of risk and uncertainty poses a problem for the workings of the market."
What will be an ideal response?