We think about the cost of supplying labor as the:
A. opportunity cost of the individual's time.
B. input costs that go into producing a unit of labor.
C. average wage in the labor market.
D. the additional equipment and training that is required when hiring a person.
A. opportunity cost of the individual's time.
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Which of the following statements correctly identifies the difference between the cross-price elasticity of demand and the income elasticity of demand?
A) The income elasticity of demand can take only positive values, whereas the cross-price elasticity of demand can take both positive and negative values. B) The cross-price elasticity of demand can take only negative values, whereas the income-elasticity of demand can take both positive and negative values. C) The income elasticity of demand for a good is independent of the price changes of related goods, whereas the cross-price elasticity of demand for a good is independent of the income changes of the consumer. D) The income elasticity of demand for a good is zero for normal goods, whereas the cross-price elasticity of demand for a good is always positive for normal goods.
The property tax is very popular because
A. it is fairly assigned. B. it is administered locally. C. it is very regressive. D. all of these answer options are correct. E. none of these answer options are correct.
Which of the following measures of cost is best described as "the cost of a typical unit of output if total cost is divided evenly over all the units produced?"
a. average fixed cost b. average variable cost c. average total cost d. marginal cost
Which of the following statements is true? Other things equal, the demand for labor will be less elastic the:
A. easier it is to substitute capital for labor. B. greater the elasticity of resource supply. C. greater the elasticity of product demand. D. smaller the ratio of labor costs to total costs.