The usual shape for a labor supply curve is
a. horizontal
b. vertical
c. dependent on the particular industry
d. downward sloping
e. upward sloping
E
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If expectations are formed adaptively, then people
A) use more information than just past data on a single variable to form their expectations of that variable. B) often change their expectations quickly when faced with new information. C) use only the information from past data on a single variable to form their expectations of that variable. D) never change their expectations once they have been made.
Social Security _____
a. reduces the incentive to save b. increases the incentive to save c. has no effect on saving d. increases the incentive to save when population growth is falling and decreases the incentive to save when population growth is falling
Figure 15-1
Figure 15-1 describes conditions in the monopolized weezil industry. In the absence of government intervention, the monopolist will produce an output equal to
A. W. B. X. C. Y. D. Z.
As one moves downward on an indifference curve, the:
a. total utility from the consumption of a good decreases. b. total utility from the consumption of a good increases. c. the total satisfaction from consumption remains the same. d. the marginal utility from the consumption of a good increases. e. the total satisfaction from consumption decreases.