A decrease in nonlabor income leads to ________ in consumption and ________ in labor supply.
A. a decrease; a decrease
B. an increase; an increase
C. an increase; a decrease
D. a decrease; an increase
Answer: D
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The increase in the price of sugar created by the tariff will lead domestic consumption to fall by ________ tons per year, compared to when the economy is open without the tariff. 
A. 20 B. 40 C. 10 D. 30
The explicit cost of production is also called
A) accounting cost. B) overhead cost. C) direct cost. D) variable cost.
The unregulated portion of the economy involving goods and services that are produced and exchanged without monetary transactions is known as
a. the underground economy. b. the secret economy. c. the capital consumption. d. transfer payments.
In economics, we assume a rational person will choose to do an activity:
A. if the opportunity costs do not outweigh the benefits of doing so. B. if the opportunity costs outweigh the benefits of doing so. C. if the sunk costs outweigh the benefits of doing so. D. if the sunk and opportunity costs combined outweigh the benefits of doing so.