Consumers adjust their purchasing behavior so that:
Topic: The Theory of Individual Behavior Quiz ( MCQ and Answer )
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?
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?
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: