The opportunity cost of leisure: A. increases as wages get higher. B. decreases

Question

The opportunity cost of leisure: A. increases as wages get higher. B. decreases as wages get higher. C. remains the same as wages get higher. D. has nothing to do with wages. 26. 45. The demand for labor is a derived demand because: A. many workers are self-employed. B. the income workers earn adds to the demand for output. C. the demand for output comes from the demand for labor. D. the demand for labor comes from the demand for output. 74. The marginal factor cost curve for a monopsony: A. lies above the labor supply curve. B. lies below the labor supply curve. C. is the labor supply curve. D. is unrelated to the labor supply curve. 22. A Lorenz curve that becomes less bowed out implies: A. a change in income distribution toward more inequality. B. no change in income distribution. C. a change in income distribution toward more equality. D. an increase in poverty. 29. 25. The best example of a positive externality is: A. roller coaster rides. B. pollution. C. alcoholic bever

Explanation / Answer

25. INCREASES AS WAGES GET HIGHER -BECAUSE THE COST OF FOREGOING ONE HOUR OF WORK INCREASES.

26. THE DEMAND FOR LABOUR COMES FROM THE DEMAND FOR OUTPUT- BECAUSE IF THERE IS A MORE DEMAND FOR CERTAIN GOOD, THEN IT WILL REQUIRES MORE LABOUR TO MEET THAT DEMAND.

27. LIES ABOVE THE LABOUR SUPPLY CURVE- BECAUSE THE FIRM MUST INCREASE THE WAGE RATE TO HIRE MORE LABOUR.

28. A CHANGE IN INCOME DISTRIBUTION TOWARDS MORE EQUALITY- LORENZ CURVE CANNOT RAISE ABOVE THE LINE OF PERFECT EQUALITY.

29. EDUCATION - PE IS A BENEFIT THAT ACCRUE TO A THIRD PARTY NOT INVOLVED IN AN ECONOMIC ACTIVITY, POSITIVE EXTERNALITY THAT IS DERIVED FROM CONSUMPTION IS EDUCATION

30. CAN ONLY BE CONSUMED ONCE - PUBLIC GOODS ARE NOT SUBJECT TO ONLY BE CONSUMED ONLY ONCE, BUT WHERE AS PRIVATE GOODS CAN ONLY BE CONSUMED ONCE.

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