A household member's decision about how much labor to supply is most closely linked to
a. the supply of factors of production other than labor.
b. technological change.
c. the tradeoff between leisure and work.
d. immigration trends.
c
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Timmy and Tommy are considering contributing to a project. If both contribute, each receives a payoff of 20. If neither contribute, each receives a payoff of 10
If only one person contributes, the person who contributes receives a payoff of 14 and the person who does not contribute receives a payoff of 18. Will the public goods problem prevent this project from being completed? Explain why or why not.
Which of the following statements is inconsistent with Say's Law?
A) The economy has flexible wages and prices. B) The economy will produces at the full employment level of output. C) The economy has an environment of "laissez faire." D) The economy's level of saving depends solely on the level of income.
Christopher just won tickets to see an NFL football game. His coworker offers to pay him $300 for them, but Christopher decides to use them, even though he would never pay $300 for them himself. Christopher's willingness to consume $300 worth of tickets that he doesn't value at $300 is attributed to:
A. the high transactions costs involved in selling the tickets. B. the implicit cost of ownership. C. his refusal to ignore the sunk cost of the tickets. D. None of these is correct.
In the classical model, the government needs to worry about employment
a. True b. False