The basic premise behind worker trade-offs in a market economy is that:
A. workers decide how to allocate their time between work and leisure.
B. workers don't decide how much leisure to have. The amount of leisure depends on the number of hours they must work, which is determined by the firm.
C. the trade-off between work and leisure is determined by factors other than what workers or firms would determine to be optimal.
D. firms decide how much workers must work and workers decide how much leisure to have.
A. workers decide how to allocate their time between work and leisure.
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Which group is hurt by inflation being less than expected?
A) holders of TIPS B) lenders of fixed-rate mortgages C) borrowers with fixed-rate mortgages D) all of the above
Suppose three roommates cannot agree on the size of a pizza to order. Domino argues for a medium pizza, Godfather contends a large pizza will be needed, and Little Caesar wants a super-large pizza. Assuming no paradox of voting, majority voting will
result in a decision to order: A. a medium pizza. B. a large pizza. C. a super-large pizza. D. two medium pizzas.