Figure 5-7
In Figure 5-7, budget line B compared to A clearly shows that the
a.
price of wine increased.
b.
price of beer decreased.
c.
price of beer increased.
d.
consumers' money income increased.
b
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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.
The Smoot-Hawley Act was enacted in
A) 1980. B) 2000. C) 1930. D) 2010.