If Ernie's individual labor supply curve is upward sloping, then Ernie responds to an increase in the
a. wage by working more hours per week.
b. opportunity cost of leisure by working fewer hours per week.
c. opportunity cost of leisure by taking more hours of leisure per week.
d. Both a and b are correct.
a
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Assume you have a credit card balance of $2,000 at 15 percent and the inflation rate is 3 percent. What are the nominal and real interest rates?
A) 15 percent nominal and 12 percent real B) 12 percent nominal and 15 percent real C) 15 percent nominal and 3 percent real D) 3 percent nominal and 12 percent real E) 15 percent nominal and 18 percent real
If the United States can increase its production of automobiles without decreasing its production of any other good, the United States must have been producing at a point
A) within its PPF. B) on its PPF. C) beyond its PPF. D) None of the above is correct because increasing the production of one good without decreasing the production of another good is impossible.
Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $15, how much economic profit does the firm make?
A) $0 B) $30 C) -$10 D) -$15
A ____________ is an organization of workers that negotiates with employers over wages and working conditions.
a. guild b. labor union c. professional association d. lobby