Real labor income is given by ________
A) MPL × L
B) labor share of income × labor productivity × labor
C) labor share of income × output
D) all of the above
E) none of the above
D
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The above table shows Homer's marginal utility from consuming various quantities of chocolate chip cookies and cake. The price of cookies is $1 per pound, the price of cake is $2 per slice and Homer has $9 to spend on cookies and cake
Homer will consume ________ pounds of cookies and ________ slices of cake. A) 5; 2 B) 2; 5 C) 3; 3 D) None of the above answers is correct.
In an unregulated market for healthcare, the equilibrium quantity is that at which ________ and the efficient quantity is that at which ________
A) D = S; MB = MSC B) D = S; MSB = MSC C) D = MSC; MB = MSC D) MSB = S; MB = S
Samantha has been working for a law firm and earning an annual salary of $90,000 . She decides to open her own practice. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Samantha will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which
she was earning annual interest of $1,000 . Assuming that there are no additional expenses, Samantha's annual implicit costs will equal a. $55,200 b. $221,400 c. $91,000 d. $146,200 e. $145,200
The average propensity to consume is consumption:
a. Multiplied times savings b. Multiplied times investment c. Divided by disposable income d. Divided by saving