In the study of labor supply, "leisure" refers to
a. time spent sleeping.
b. time spent doing absolutely nothing (except breathing).
c. time spent in one's place of residence.
d. time spent that is not spent in market work.
d
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Points along a budget line represent the maximum combinations of two commodities that a consumer can afford.
Answer the following statement true (T) or false (F)
In the table above, if a unit of capital is $50 per day and an hour of labor is $15 per day, which method is economically efficient?
A) A B) B C) C D) D
Refer to Table 16-3. If Julie charges $10 per hour, how many hours of pet sitting services will be purchased and by whom?
A) 3 hours (1 hour each by Arun, Bernice, and Cara) B) 2 hours (1 hour by Cara and 1 hour by Dawn) C) 1 hour by Cara only D) 1 hour by Dawn only
Suppose when the price of shoe laces goes from $1 to $2 per pair, production increases from 95 million pairs to 105 million pairs per year. Using the mid-point method, the price elasticity of supply is:
A. 6.28 B. 66 percent C. 10.5 percent D. 0.15