New technology in the form of computer spreadsheets has increased the productivity of accountants. This will cause ? A. the demand curve for accountants to shift to the right, since the productivity of accountants has increased B. firms to move…
As the wage rate per hour increases, the opportunity cost of leisure ? A. remains constantB. increases since the cost of forgoing one hour of work increases C. decreases since the customer now has more income to spend D. may…
Assuming that leisure is a normal good. if an individual’s labour supply curve is backward bending then the ? A. income effect is zero B. substitution effect outweighs the income effectC. income effect outweighs the substitution effect D. income effect…
Assuming leisure is a normal good, if the income effect is greater than the substitution effect a wage increase ? A. will have no effect on labour supplyB. will decreases labour supply C. could cause either an increases or a…
Constrained choice is relevant for households ? A. making spending decision but not labour-supply decision.B. making both spending and labour-supply decisions C. considered to be ‘poor’ but not for those who are considered to be ‘rich’ D. making labour-supply decisions…
The greatest advantage of a negative income tax is that it ? A. generates a smaller disincentive to work than most alternative anti-poverty policies. B. reduces the cost to the government of fighting poverty C. would not provide benefits to…
An increase in the minimum wage will cause a relatively large increase in unemployment among ? A. unskilled workers if the demand for labour is relatively inelasticB. unskilled workers if the demand for labour is relatively elastic C. skilled workers…
Rawls’s suggestion that policy should be directed at maximizing the welfare of the least well off person in society is derived from ? A. the idea that people should consider policy as if behind a veil of ignorance as to…
Rank utilitarianism liberalism, and libertarianism in sequence from the political philosophy that would redistribute income the greatest to the one that would redistribute income the least? A. utilitarianism, liberalism, libertarianism B. All three political philosophies argue for similar degree of…
Mariam earns more than Seamus and she came by her income fairly and honestly which of the following political philosophies would argue against the redistribution of income from Mariam to Seamus ? A. all of these answersB. libertarianism C. utilitarianism…