A worker with a backward-bending labor supply curve responds to an increase in wages by working more hours
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the Consumer Price Index is 143.6. What does that number mean?
A) On average, goods cost $143.60. B) On average, goods cost $243.60. C) Prices rose 143.6 percent over the reference base period, on average. D) Prices rose 43.6 percent over the reference base period, on average.
The net effect of regional trade agreements has been
A) an increase in the total amount of trade in the world. B) a decrease in the total amount of trade in the world. C) no change in the total amount of trade in the world. D) either an increase or decrease in the amount of trade in the world, depending on where trade takes place.
Process innovation causes an upward shift in a firm's total product curve and:
A. a decrease in its average product. B. a downward shift in its average total cost curve. C. an upward shift in its average total cost curve. D. an upward shift in its marginal revenue curve.
Economics is most precisely defined as
A. the same as the study of finance and management. B. a study of what people need to survive. C. the study of how people make choices. D. a study of how culture evolves in different geographic areas.