If income decreases, then
Subject: Economics Multiple Choice Quiz ( MCQ ) and Answer
If income increases, the budget line
The slope of the budget line represents
PXX + PYY = M is called
The budget set defines the combinations of good X and Y that
Some individuals choose to undertake risky prospects while others choose safer ones, because they have different
The possibility of the endless cyclical preference is eliminated by the property of
By the property of “more is better” and transitivity, indifference curves
Diminishing marginal rate of substitution implies that
Along the same indifference curve, MRS is
The marginal rate of substitution (MRS) determines the rate at which a consumer is willing to substitute between two goods in order to achieve
By the property of “more is better,” the consumer views the products under consideration as
A≻B means
What is the horizontal intercept of the budget line, given that M = $1,000, PX = $50, and PY = $40?
Consumers adjust their purchasing behavior so that:
Managers can get workers to work longer hours by:
Suppose earnings are given by E = $60 + $7(24 – L), where E is earnings and L is the hours of leisure. What is the price to the worker of consuming an additional hour of leisure?
Suppose earnings are given by E = $60 + $7(24 – L), where E is earnings and L is the hours of leisure. The fixed payment for this worker is:
Suppose earnings are given by E = $60 + $7(24 – L), where E is earnings and L is the hours of leisure. What is the maximum this worker can earn in three (3) days?
Suppose earnings are given by E = $60 + $7(24 – L), where E is earnings and L is the hours of leisure. How much is this person working if their daily earnings are $116?
Normally owners of firms should try to induce their managers to care:
A worker’s total earnings for one day is $100. He received a $20 fixed payment and consumes 14 hours of leisure. What is the hourly wage rate?