Campbell loves to work. He does not receive any enjoyment from leisure time. The last dollar that he earns each year means just as much to him as the first dollar. Which of the following best describes the shape of Campbell's labor supply curve?
A. Downward-sloping to the right.
B. Vertical.
C. Horizontal.
D. Upward-sloping to the right.
Answer: C
You might also like to view...
If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. lower; lower B. higher; higher C. lower; uncertain D. uncertain; lower
The Chicago Board of Trade promotes liquidity in the futures market by
A) setting prices. B) establishing a price floor. C) allowing the short or the long to renegotiate contract terms. D) standardizing contract terms.
Use the above table. Assuming constant opportunity costs, the opportunity cost of producing cookies in country Alpha is ________, and the opportunity cost of producing cookies in country Beta is ________
A) 0.33 ton of coffee; 2 tons of coffee B) 3 tons of coffee; 0.5 ton of coffee C) 0.375 ton of cookies; 2.25 tons of coffee D) 2.67 tons of coffee; 0.44 ton of cookies
The monetary policy most likely to be favored by monetarists is
A) a constant (nongrowing) money supply. B) frequent discretionary changes in the money growth rate. C) a constant and slow rate of monetary growth. D) vigorous monetary expansion during recessions. E) a steadily increasing rate of monetary growth.