The total earnings of a worker are represented by E = 100 + $10(24 – L), where E is earnings and L is the number of hours of leisure. How many hours of leisure are consumed if this worker’s total earnings are $160?
Subject: Economics Multiple Choice Quiz ( MCQ ) and Answer
The total earnings of a worker are represented by E = 100 + $10(24 – L), where E is earnings and L is the number of hours of leisure. How much will the worker earn if he takes 14 hours of leisure per day?
If a worker receives a fixed payment of $100 plus $10 for every hour she works, what is the maximum total earnings the worker can receive if they are restricted to a maximum of 12 hours of work per day?
If you were running an advertising campaign for designer men’s suits, you should target families with:
If you wish to open a store and you do not like risk, it would be wise to sell:
A price increase causes a consumer’s “real” income to:
The substitution affect isolates the change in the consumption of a good caused by:
How does a decrease in the price of good X affect the market rate of substitution between goods X and Y?
What are the advantages to a firm of selling gift certificates?
Which of the following is most likely not to be an example of a normal good?
If an increase in income causes a decrease in the consumption of good Y we know that good Y is:
If you are in the business of selling chicken and the price of selling chicken and the price of beef both were to drop dramatically, what should you do with your inventory level of chicken?
Which of the following pairs of goods is probably not an example of substitutes?
After a price decrease for good X, the new consumer equilibrium level of good X will be:
At the point of consumer equilibrium the slope of the budget line is equal to the:
If the price of good X increases, what will happen to the budget line?
If a consumer’s income decreases, what will happen to the budget line?
Given that income is $500 and PX = $20 and PY = $5, what is the market rate of substitution between goods X and Y?
Given that income is $200 and the price of good Y is $40. What is the vertical intercept of the budget line?
The upper boundary of the budget set is the:
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and PX = $5, PY = $10, X = 20, and M = 500?
The combinations of goods X and Y that are affordable to the consumer are defined by the: