A decision to supply labor or not to supply it is also a decision to
A. earn the highest possible wage.
B. demand or forgo a certain amount of leisure.
C. be as productive as possible.
D. join the union.
Answer: B
You might also like to view...
According to the production function, as the quantity of labor employed increases, real GDP increases
A) at an increasing rate. B) at a decreasing rate. C) at a constant rate. D) and then eventually decreases. E) until it reaches potential GDP, and then it no longer changes.
The basic principle that explains the demand for a factor of production is the
a. principle of marginal productivity. b. Hotelling principle. c. principle of opportunity cost. d. Ramsey pricing principle.
Beverly owns a rabbit and receives a $600 benefit from owning it. Sometimes Beverly's rabbit makes its way onto the lawn of her neighbor, Charles, and eats the vegetables in Charles' garden. This intrusion by the rabbit costs Charles $400 . Can both individuals become better off if Charles pays Beverly some amount of money to get rid of the rabbit? Explain
When the dollar depreciates, each dollar buys
a. more foreign currency, and so buys more foreign goods. b. more foreign currency, and so buys fewer foreign goods. c. less foreign currency, and so buys more foreign goods. d. less foreign currency, and so buys fewer foreign goods.