Li works for a wage of $9 per hour. He has 50 hours to devote to work or leisure. If his wage rises to $11 per hour, _____
a. he will spend more time working because his opportunity cost of leisure will rise
b. he will spend less time working because his opportunity cost of leisure will rise
c. he will spend less time working because his opportunity cost of leisure will fall
d. he will spend more time working because his opportunity cost of labor will rise
a
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A fall in the money wage rate ________ aggregate supply and ________
A) decreases; shifts the AS curve rightward B) increases; shifts the AS curve leftward C) decreases; shifts the AS curve leftward D) increases; shifts the AS curve rightward E) does not change; does not shift the AS curve
What factors do some who promote the profitability of elaborate trading strategies leave out?
A) the effect of trading costs and taxes B) the difficulty of calculating the return on investment C) ignoring the effect of dividends D) not accounting for both capital gains and dividends
If U.S. consumers increase their spending on electric cars by 10 percent, and 10 percent more electric cars are produced, this is known as the
A. majority rule. B. proportional rule. C. profit rule. D. government rule.
Economic growth due to labor force expansion or capital investments will result inI.A leftward shift of short-run aggregate supply.II.A rightward shift in long-run aggregate supply.
A. I only B. II only C. Both I and II D. Neither I nor II