Workers typically require higher wages in order to work additional hours because of the
A. Increasing opportunity cost of labor.
B. Increasing marginal utility of income.
C. Constant marginal utility of income.
D. Decreasing value of leisure time forgone.
Answer: A
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What determines the income flows that households receive?
A) an agency of the Federal government B) what they choose to produce, how much is sold, and the price received when sold C) their ownership of factors of production, how much they sell in the factor markets, and the prices received when sold D) financial institutions such as banks E) what they choose to consume
Increases in autonomous spending have an expansionary effect and make ________ levels of real income consistent with a given interest rate
A) lower B) higher C) constant D) none of the above.
Justin's bank employs tellers and ATMs. Both are able to serve clients in the exact same way and therefore are perfect substitutes. Describe the elasticity of substitution between the two inputs
What will be an ideal response?
For collusion to make sense, the payoff matrix must be a
a. positive-sum game. b. zero-sum game. c. negative-sum game. d. negative-positive-sum game.