Joe's budget constraint equals 500 = 2F + 100S, where $500 is Joe's income, $2 is the price of food (F, y-axis) and $100 is the price of shelter (S, x-axis). How much food can Joe buy if he buys one unit of shelter?
A) 2 units
B) 200 units
C) 250 units
D) 400 units
B
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The figure above shows the supply curve for soda. The market price is $1.00 per soda. The producer surplus from all the sodas sold is
A) $0.00. B) $15.00. C) $20.00. D) $1.00. E) None of the above answers is correct.
National income is derived from gross domestic product by
A) adding personal income and transfer payments to gross domestic product. B) subtracting depreciation from gross domestic product. C) subtracting retained earnings from gross domestic product. D) adding personal taxes and depreciation to gross domestic product.
Other things equal, the supply of labor will be higher to a job that
a. offers less prestige b. offers fewer nonmonetary rewards c. provides little on-the-job training d. requires advanced education or skills e. provides a climate-controlled work environment
Name two factors that will increase the demand for labor, and two factors that will increase the supply of labor.
What will be an ideal response?