The slope of an individual's "consumption-leisure" budget constraint is:
a. 24 hours minus the number of leisure hours.
b. total consumption divided by the wage rate.
c. the real wage rate.
d. the negative of the real wage rate.
d
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An exchange rate crisis is caused by
A) a sudden and an unexpected collapse in the value of a nation's currency. B) the inability of the IMF to predict the immediate collapse of the currency of a country. C) the adoption of a flexible exchange rate system by a country or group of countries. D) the adoption of a fixed exchange rate system by a country or group of countries. E) Both C and D are correct.
A Supreme Court ruling in March 1996 held that
A) state laws to prevent banks from selling insurance can be superseded by federal rulings from banking regulators that allow banks to sell insurance. B) state laws to prevent banks from selling insurance cannot be superseded by federal rulings from banking regulators that allow banks to sell insurance. C) state laws to prevent banks from selling insurance can be superseded only if Congress enacts legislation that allow banks to sell insurance. D) state laws to prevent banks from selling insurance cannot be superseded by federal legislation.
If a decrease in the demand for corn leads to economic losses for corn farmers,
a. some existing corn farmers will exit the industry. b. the price of corn will remain low in the long run due to the economic losses. c. the suppliers of corn will suffer long-run economic losses. d. all of the above are correct.
Linda's Autoplex performs oil changes on automobiles, light trucks, and sport utility vehicles. She is a profit-maximizing business owner whose firm operates in a competitive market. The marginal cost of an oil change is $10 . The marginal productivity of the last worker that Linda hired was 1.5 oil changes per hour. What is the maximum hourly wage that Linda was willing to pay the last worker
hired? a. $10 b. $15 c. $20 d. $30