The change in the quantity of labor demanded resulting from a change in the quantity produced of the product is known as the ________ effect.
A. input-substitution
B. price elasticity
C. output
D. derived demand
Answer: C
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Louey's Greasy Spoon restaurant charges $15 for each dinner entree and $5 for each dessert selection, and they offer a dinner special that provide an entree and dessert for $18
If a diner at Louey's assigns zero value to dessert and $19 to an entree, what is their optimal decision? A) Buy the dinner special B) Buy only the entree C) Buy only the dessert selection D) We do not have enough information to determine the optimal decision
To analyze policy options, economists are forced to deal with:
a. politicians b. business people c. rotating statistical values d. things that have not occurred e. None of these is correct.
The government can help solve the information asymmetry problem by:
A. making markets illegal where information asymmetry is significant. B. requiring the more informed party to reveal the missing information. C. excluding those who do not have complete information from the market. D. telling less-informed parties not to participate in the market.
A government agricultural policy that restricts output by limiting the number of farm acres that can be used to produce a particular crop is the
A) marketing quota system. B) acreage allotment program. C) price support program. D) target price system. E) paying farmers not to produce system.