Bill is a laborer. What is the relationship between Bill's wage and his opportunity cost of an hour of leisure?
Bill's wage is equal to his opportunity cost of an hour of leisure.
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If the market for a good or service is competitive,
a. there are many independent buyers and sellers b. buyers and sellers have no control over price c. there are no entry barriers d. all of the above
If you were building a macroeconomic model that explores the effect of an increase in income tax rates on the size of the labor force, the exogenous variable(s) would be
A) income tax rates. B) the size of the labor force. C) both income tax rates and the size of the labor force. D) neither income tax rates nor the size of the labor force.
The framers of the Constitution sought to limit the economic role of the government as evidenced by
A) all of the above. B) the enumeration of the permissible powers of the federal government in Article I, Section 8. C) the 5th Amendment's limitation on the government's power to take private property. D) the 10th Amendment's allocation of all non-enumerated powers to the states and the people.
List four protectionist policies.
What will be an ideal response?