Suppose a = 50, c = 0.8, and T = 410. How much is saved out of a total income of 1230?
A) 706
B) 606
C) 278
D) 196
E) 114
E
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The marginal cost of a good or service
A) can be calculated from the marginal benefit of that good or service. B) decreases as more of the good or service is produced. C) can be derived from the production possibilities frontier. D) graphs as a positively sloped curve, so it cannot be derived from the production possibilities frontier, which is downward sloping. E) None of the above answers is correct.
Define a sole proprietorship
What will be an ideal response?
There are a number of reasons why labor supply curves will shift in a particular industry. Which one of the following is NOT one of them?
A) Changes in working conditions in an industry affect the labor supply curve. B) job flexibility that determines the position of the labor supply curve C) There is a change in the market wage rate. D) Taxes on labor affect the labor supply curve.
The short-run labor demand curve is:
A. more elastic than the long-run labor demand curve. B. less elastic than the long-run labor demand curve. C. either more or less elastic than the long-run labor demand curve. D. perfectly elastic (horizontal).