Which of the following is most likely to reduce the supply of labor?
A. An increase in population
B. A decrease in labor productivity
C. An increase in the value placed on leisure by workers
D. A decrease in the value placed on leisure by workers
Answer: C
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The table below shows four alternative techniques for assembling a car. The cost of labor is $20 per hour, and the cost of capital is $10 per hour. Which of the four techniques for assembling a car is not technologically efficient?
A) T-1 B) T-2 C) T-3 D) T-4
It will not benefit a seller to provide verifiable information to buyers about the seller's product
Indicate whether the statement is true or false
If we compare the Baby Boom generation of workers to the number of workers who came before and will come after them, we realize that, all other things equal, the Baby Boomer's labor:
A. supply will be relatively greater at any wage. B. supply will be relatively lower at any wage. C. demand will be relatively greater at any wage. D. demand will be relatively lower at any wage.
Which of the following is not true concerning consumer surplus?
a. It is qraphically the area under the demand curve and above the market price. b. It does not exist in equilibrium. c. A leftward shift of the supply curve will decrease consumer surplus. d. A rightward shift of the supply curve will increase consumer surplus.