The function a decision maker seeks to maximize or minimize is the ________ function.
A. marginal
B. decision-making
C. optimal
D. objective
E. none of the above
Answer: D
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The case of production with a single variable input is analogous to
A. changing the use of land, labor, and capital in production by a constant absolute amount. B. a controlled laboratory experiment in which the scientist permits one variable to change at a time. C. changing the use of land, labor, and capital in production by a constant percentage. D. specialization in one particular product by a company.
At the equilibrium real interest rate in the open-economy macroeconomic model, the equilibrium quantity of loanable funds equals
a. net capital outflow. b. domestic investment. c. foreign currency supplied. d. national saving.
Which of the following is not an example of moral hazard?
A. People take poor care of their health because they have health insurance. B. People drive recklessly because they have medical insurance. C. People don't lock their doors because they have theft insurance. D. All of these are examples of moral hazard.
A tax cut that raises the after-tax wage rate will most likely result in more hours worked if
A) tax rates were low already. B) the relevant portion of the labor supply curve is upward sloping. C) the relevant portion of the labor supply curve is downward sloping. D) workers can be easily fooled.