SS 343 Lecture Notes - Lecture 1: Indifference Curve, Budget Constraint
Document Summary
Labor economics 45 review questions withanswers for quiz 1. Because scarcity forces people to make purposeful choices, labor market participants: a. b. c. d. work as many hours as possible respond to changes in perceived costs and benefits make choices that cannot be predicted must have perfect information. The three basic characteristics of the economic perspective are: Relative scarcity, purposeful behavior, and adaptability a. b. Which one of the following topics is most suited to macroeconomic analysis? a. b. c. d. * The individual decision on how much education to obtain. The impact of a recession on the country"s unemployment rate. Which one of the following topics is most suited to microeconomic analysis? a. b. c. d. * The slope of an indifference curve at any point reflects the: a. b. c. d. rate at which a person is willing to substitute leisure for income wage rate income effect substitution effect.
