Consider a two-goods (capital and consumption) production possibilities curve for the year 2004 . Which of the following pairs are assumed fixed in this scenario?
a. unemployment and capital goods production in the year 2004
b. number of resources and consumption goods production in the year 2004
c. composition of the economy's output and number of resources in the year 2004
d. capital and consumption goods production in the year 2004
e. technology and number of resources in the year 2004
E
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The condition to decide on the optimal amount of leisure is that:
A) the average benefit of leisure should be equal to zero. B) the total benefit of leisure should be equal to the wage rate. C) the average benefit of leisure should be equal to the wage rate. D) the marginal benefit of leisure should be equal to the wage rate.
Refer to Figure 3-4. At a price of $25, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800