The choice of some workers to put in fewer hours so they can spend time pursuing hobbies is an example of how ______ influences income.
a. job preference
b. age
c. education
d. worker preference
d. worker preference
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The excess capacity theorem states that
A. society is worse off with fewer monopolistic competitors. B. costs of production under monopolistic competition can be lowered by reducing the number of producers. C. lack of excess capacity leads to shortages during periods of unexpected growth in demand for goods produced by monopolistic competition. D. there is too much choice in our economy.
The more human capital workers have, the:
A. more productive they are. B. more technology they will require for their job. C. lower the value of their marginal product. D. less productive they are.
The short-run market demand curve in perfect competition is positively sloped.
Answer the following statement true (T) or false (F)
A tariff can best be described as
A. an excise tax on an imported good. B. a government payment to domestic producers to enable them to sell competitively in world markets. C. an excise tax on an exported good. D. a law that sets a limit upon the amount of a good that can be imported.