What is the Portugal's opportunity cost of producing 3 bottles of wine?
2 pairs of shoes
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Answer the following statement(s) true (T) or false (F)
1. A worker will not supply any labor when the wage rate is less than the marginal value of leisure. 2. The substitution and income effects of a wage increase both cause consumption to rise. 3. An individual's labor supply can become backward bending because high wages tend to magnify substitution effects. 4. A worker's labor supply may either rise or fall when nonlabor income increases, depending on whether the substitution effect or the income effect dominates. 5. A worker's labor supply curve is upward sloping only if the substitution and labor income effects are in the same direction.
Although foreign exchange market trades are said to involve the buying and selling of currencies, most trades involve the buying and selling of
A) bank deposits denominated in different currencies. B) SDRs. C) gold. D) ECUs.
The coupon rate is the
A. regular payment of interest to a bondholder. B. interest rate promised when a bond is issued. C. maximum interest rate that can be paid on a bond. D. amount originally lent.
Let MUc denote the marginal utility that Pablo receives from a cup of coffee, and let Pc denote the price of a cup of coffee. We typically expect that as Pablo buys more coffee:
A. MUc and Pc will both fall. B. MUc/Pc will fall. C. MUc/Pc will not change. D. MUc/Pc will rise.