In the indifference curve-budget line model of labor supply, labor consists of
a. all productive activities outside of the marketplace.
b. working in the marketplace for the going wage.
c. engaging in productive activities, whether in the marketplace or not.
d. working in the marketplace for the going wage and entrepreneurial activities.
b. working in the marketplace for the going wage.
You might also like to view...
The difference between the market price of a new car used by a firm and the market price of the same car one year later is known as
A) economic depreciation. B) physical depreciation. C) economic deterioration. D) physical deterioration.
When the demand for a product is less elastic than the supply
A) consumers pay the entire tax on the product. B) firms pay the entire tax on the product. C) consumers pay the majority of the tax on the product. D) firms pay the majority of the tax on the product.
If the price level in Japan increases more rapidly than the price level in Britain, we would expect
A) interest rates in Japan to lower than interest rates in Britain. B) the Japanese yen to depreciate against the British pound. C) the British pound to depreciate against the Japanese yen. D) Japanese productivity to have increased more rapidly than British productivity.
The primary current deficit is
A. the current deficit minus tax revenues. B. the current deficit minus net interest. C. the deficit minus tax revenues. D. the deficit minus net interest.