List the three decisions that households face in the labor market
What will be an ideal response?
(1.) Whether to work.
(2.) How much to work.
(3.) What kind of a job to choose.
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The slope of the labor demand curve can be attributed to the Law of:
A) Increasing Opportunity Cost. B) Diminishing Marginal Productivity of Labor. C) Increasing Marginal Productivity of Labor. D) Decreasing Opportunity Cost.
To produce more output in the short run, a firm must employ more of
A) all its resources. B) its fixed resources. C) its variable resources. D) the least costly resources regardless of whether they are fixed or variable. E) Firms cannot produce more output in the short run.
Refer to the scenario above. If Frank discounts delayed utilities with a weight of 8/10, then which of the following statements is true?
A) He will consume both hotdogs and ice cream. B) He will consume hotdogs but will avoid consuming ice cream. C) He will consume ice cream but will avoid consuming hotdogs. D) He will avoid consuming both hotdogs and ice cream.
The per-worker production function is ________
A) upward-sloping B) downward-sloping C) vertical D) horizontal