If Scotland produces only mead, and England produces only ale, how many pints of ale would buy one pint of mead?
a. no fewer than the opportunity cost of mead in Scotland
b. fewer than the opportunity cost of mead in Scotland
c. fewer than the opportunity cost of mead in England
d. as many pints of mead as you can buy with one pint of ale
e. not enough information given
A
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Larry spends all his $800 monthly income on pizza and milk. The price of pizza is $4 a slice, and the price of milk is $2 per quart. Larry's real monthly income in terms of pizza is
A) 400 slices. B) $800. C) 200 slices. D) $400.
Research on labor supply generally shows that
A) labor supply rises in response to a permanent increase in the real wage, but falls in response to a temporary increase in the real wage. B) labor supply rises in response to a temporary increase in the real wage, but falls in response to a permanent increase in the real wage. C) labor supply rises in response to both a temporary and a permanent increase in the real wage. D) labor supply falls in response to both a temporary and a permanent increase in the real wage.