What determines how much labor a household will supply?
What will be an ideal response?
Households will supply labor as long as the wage they receive exceeds the value of leisure or the value from unpaid work.
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Which of the following statements is correct?
A) The higher the price level, the larger is the quantity of real GDP demanded. B) An increase in exports shifts the aggregate demand curve leftward. C) A tax increase shifts the aggregate demand curve leftward. D) An increase in people's expected future income shifts the aggregate demand curve leftward. E) An increase in potential GDP shifts the aggregate demand curve rightward.
An economic function of criminal law is to
a. reduce opportunities for Pareto improvements b. reduce the number of involuntary exchanges c. define property rights d. increase prices in the economy e. protect involuntary exchanges in the economy
Government transfer payments include which of the following?
A) interest on the national debt B) grants to state and local governments C) Social Security and Medicare programs D) national defense
If 1 U.S. dollar exchanges for 29.09 Russian Rubles, how much would it cost in rubles to purchase a Mariah Carey CD priced at $14.95?
What will be an ideal response?