Time is primarily a __________ that can be measured in units
a. Value
b. Goal
c. Resource
d. Decision device
C
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When leisure is a normal good, the wage elasticity of labor supply is always positive.
Answer the following statement true (T) or false (F)
Moe's reservation price for his economics textbook is $100. The week before the semester begins, Moe finds a copy of his textbook online for $75. Moe's consumer surplus from buying the textbook online is:
A. $100. B. $75. C. $125. D. $25.
This table shows the demand and supply schedule of a good.Price of GoodQDemandQsupply$0.005025$0.504026$1.003528$1.503131$2.002835$2.502740According to the table shown, at a price of $0.50 quantity demanded:
A. exceeds quantity supplied and a shortage exists. B. is less than quantity supplied and a surplus exists. C. is less than quantity supplied and a shortage exists. D. exceeds quantity supplied and a surplus exists.
When economists refer to price as a rationing mechanism, they mean that
a. the government can establish a rationing program by setting prices b. price weeds from the market those who want the good, but can't afford it c. most markets have chronic problems with excess demand so rationing is necessary d. suppliers ration goods by setting a price demanders can afford e. demanders ration their incomes by choosing only low-priced goods