Suppose earnings are given by E = $50 + $20(24 ? L), where E is earnings and L is the hours of leisure. What is the price to the worker of consuming an additional hour of leisure?
A. $24
B. $26
C. $30
D. $20
Answer: D
You might also like to view...
What determines eligibility for SNAP?
a. If a person does not earn enough money to buy their desired amount of food b. If a person has young children or if the person is considered a senior c. If 30% of a person’s income does not afford a nutritionally adequate diet d. If 30% of a person’s income does not afford a person’s desired quality and quantity of food
If there are 95 million people working, 5 million discouraged workers, 5 million receiving unemployment insurance benefits, and 10 million officially unemployed, how many people are in the labor force?
A. 95 million B. 100 million C. 105 million D. 110 million E. 115 million
The diagnosis-related-group (DRG) system adopted by Medicare since 1983 has had the following effects, except:
A. Hospitals now receive a fixed payment for treating each patient B. The average length of a hospital stay has increased C. More patients are treated on an outpatient basis D. Hospitals now have an incentive to restrict the amount of resources used for patients
If opening an economy up to trade always benefits both trading partners, why is free trade controversial?
What will be an ideal response?