Given a fixed amount of time, a decision to supply labor or not is simultaneously a decision to
A. demand goods and services or not.
B. demand leisure or not.
C. supply capital and land or not.
D. supply leisure or not.
Answer: B
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The socialization rationale for public education implies that private schools _____
a. are more segregated along class and perhaps racial lines b. are more homogenous c. are often organized around an exclusionary orientation d. all of the above
The aggregate supply curve represents:
a. the quantity of aggregate output that producers are willing and able to supply at each possible price level. b. the total quantity of a particular good that all producers are willing to supply at each possible price level. c. the total quantity of a particular good that all producers are willing to supply at the equilibrium price level. d. the quantity of aggregate output that producers are willing and able to supply at the equilibrium price level. e. the quantity of aggregate output that producers are willing and able to supply at the equilibrium level of GDP.
If a firm’s production creates detrimental externalities, then in a competitive market,
A. the firm will produce at an inefficiently high level. B. the firm will produce at an inefficiently low level. C. the firm will produce until marginal social cost equals marginal benefits. D. the firm will produce until marginal benefits exceed marginal social cost.
Which of the following is held constant when moving along a short-run Phillip's curve?
A) The inflation rate B) The unemployment rate C) The expected inflation rate D) The growth rate of the quantity of money