If a country passes a labor law limiting the number of hours of work per week, GDP would ________ and leisure would ________
A) decrease; increase B) decrease; decrease C) increase; increase D) increase; decrease
A
Economics
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Suppose the local market for legal services has an upward sloping supply curve, PL = 150 + 0.0001QL where PL is the price of legal services and QL is the number of hours of legal services
If the equilibrium price of legal services is $250 per hour, what is the aggregate economic rent earned by lawyers in this market? A) $50,000 B) $1,000,000 C) $50,000,000 D) $100,000,000
Economics
The purpose of making assumptions in an economic model is to
A) force the model to yield the correct answer. B) minimize the amount of work an economist must do. C) simplify the model while keeping important details. D) express the relationship mathematically.
Economics