The two "goods" used when economists analyze labor supply are
a. work and leisure.
b. work and consumption.
c. saving and consumption.
d. leisure and consumption.
d
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In the figure above, the marginal cost of the fifth computer is
A) 0 television sets per computer. B) 4 television sets per computer. C) 20 television sets per computer. D) 35 television sets per computer.
When the demand curve is downward sloping, marginal revenue is
A) equal to price. B) equal to average revenue. C) less than price. D) more than price.
Which of the following examples indicates an economic situation where the highest amount of money is demanded?
a. The interest rate for CDs is 6 percent. b. The interest rate for saving accounts is 4 percent. c. The interest rate for U.S. Treasury bills is 8 percent. d. The interest rate for municipal bonds is 2 percent.
Distinguish macroeconomics and microeconomics.
What will be an ideal response?