Laissez-faire is a French expression which literally means
a. whatever works.
b. allow them to do.
c. to get involved.
d. to make do.
b. allow them to do.
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If the opportunity cost of working outside the home increases then it is likely that ________ assuming all else equal
A) there will be a rightward shift in the labor supply curve. B) there will be a downward movement along the labor supply curve. C) there will be a leftward shift in the labor supply curve. D) there will be an upward movement along the labor supply curve.
Explain the concept of inefficiency in terms of a production possibilities curve.
What will be an ideal response?
Assume the price of product Y (the quantity of which is on the vertical axis) is $15 and the price of product X (the quantity of which is on the horizontal axis) is $3. Also assume that money income is $60. The absolute value of the slope of the
resulting budget line is: A. 5. B. 1/5. C. 4. D. 20.
An example of forgoing present benefits in order to receive future benefits is
A. saving. B. production. C. consumption. D. growth.