Which of the following possible points on a labor supply curve is consistent with the income-leisure tradeoff graph below? 
A. Wage = 2: Hours worked = 10
B. Wage = 3: Hours worked = 14
C. Wage = 1: Hours worked = 12
D. All of these are consistent with the information on the graph
Answer: C
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The Coase Theorem states that externalities can always be eliminated by the market as long as property rights exist, the number of parties involved is small, and transactions costs are low
Indicate whether the statement is true or false
Which of the following is NOT a leakage?
A) import of a Toyota B) export of a Cadillac C) personal saving D) indirect business taxes
That each individual should engage in economic activities in which he or she is relatively more efficient is an application of the concept of
A) competition. B) absolute advantage. C) scarcity. D) comparative advantage.
Which of the following is not a trade-restricting practice?
a. subsidy b. tariff c. quota d. a voluntary limit on exports e. higher safety standards for imports than for the same good sold domestically.