In the study of labor supply, "leisure" refers to
a. time spent sleeping.
b. time spent doing absolutely nothing (except breathing).
c. time spent in one's place of residence.
d. time spent that is not spent in market work.
d
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Which of the following is true of a country that does not engage in trade? a. It can produce all of what the citizens within the country want
b. The country has an infinite stock of resources. c. The country will eventually reach its limit in the number of goods it is able to manufacture. d. The production of goods within the country does not involve opportunity costs.
The central question in determining whether a good is public or private is whether
A. The good is provided by the government. B. We have the political will to exclude nonpayers from consumption. C. We have the technical capability to exclude nonpayers from consumption. D. Free riding is considered immoral.