In the indifference curve-budget line model of labor supply,
a. labor is measured along the horizontal axis and leisure is measured along the vertical axis.
b. labor is measured along the horizontal axis and consumption is measured along the vertical axis.
c. consumption is measured along the horizontal axis and labor is measured along the vertical axis.
d. consumption is measured along the horizontal axis and leisure is measured along the vertical axis.
b. labor is measured along the horizontal axis and consumption is measured along the vertical axis.
You might also like to view...
When the dollar appreciates relative to foreign currencies, it means that ________.
A. foreigners need less of their currency to buy one dollar B. we can buy less foreign currency with a given amount of dollars C. we need more dollars to buy each unit of another currency D. the value of foreign currencies decreased relative to our dollar
An important assumption made when constructing a demand curve is that
A. only price and quantity matter in determining the demand for a good. B. people always want a certain amount of the good. C. demand is always dependent on the supply of a good. D. all other determinants of demand are held constant. E. the demand curve has a positive slope.
Factors of production include
A) the economic system. B) land, labor, capital and entrepreneurship. C) labor and capital (not land, which is fixed). D) only capital, land, and labor.
The most important macroeconomic goal is
a. economic growth b. stable prices c. high employment d. increased investment e. no one economic goal is categorically the most important