Which of the following may shift the labor supply curve?
A. an increase in the corporate tax rate
B. a decrease in the value people place on their time
C. an increase in the price of the output of the firm
D. an increase in worker productivity
Answer: B
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If the price of a hamburgers increases, the substitution effect works to
a. decrease the quantity of hamburgers supplied b. increase the number of hamburger buns demanded c. decrease the quantity of hamburgers demanded d. increase the number of hamburger buns supplied e. increase the quantity of hamburgers demanded
The Federal National Mortgage Association (FNMA), also known as Fannie Mae, was established in ________to ____________ demand in the housing market
A) 1970; increase B) 1938; increase C) 1938; decrease D) 1970; decrease
Why do private markets tend to undersupply nonrivalrous goods?
a. Because free riders will refuse to pay for these goods. b. Because the tragedy of the commons will reduce their value to zero. c. Because people have an incentive to understate their preferences for these goods. d. Because the efficient price for these goods is zero.
The averting expenditures method
a. uses spending changes on goods that act as substitutes for environmental quality b. defines personal environmental quality as the relevant market c. has the disadvantage of jointness of production, which biasesthe benefit estimate d. all of the above