When leisure is a normal good, the income effect from a decrease in wages is evident in
a. a desire to consume more leisure.
b. a desire to consume less leisure.
c. an upward-sloping labor-supply curve.
d. a shift in labor demand.
b
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A statement of assets and liabilities of any business entity is called
A) a balance sheet. B) an income statement. C) a statement of net worth. D) a cash flow statement.
Your favorite uncle advises you to purchase long-term bonds because their interest rate is 10%. Should you follow his advice?
What will be an ideal response?
Assume mortgages and houses are complements in consumption; if the price of mortgages decreases (decreases in interest rates), we would expect to see
a. An increase in demand for houses b. An decrease in demand for houses c. An increase in the quantity of houses demanded d. An decrease in the quantity of houses demanded
TFC=Total Fixed CostQ=Quantity of OutputMC=Marginal CostP=Product PriceTVC=Total Variable Cost Refer to the above information. Total cost is:
A. 
.
B. TFC + TVC.
C. the change in marginal cost.
D. TVC - TFC.