Question

1. The income leisure trade off a. means that individuals enjoy making trades during their leisure...

1. The income leisure trade off

a. means that individuals enjoy making trades during their leisure time.

b. means that firms can make money in leisure industry.

c. is the basis of the neoclassical theory of labor supply

d. means that individuals would rather work than enjoy leisure.

2. Sam is currently earning $150,000 per year working an 80 hour week. He has just refused a job offer that would increase his salary to $175,000 and require him to work 90 hours per week. What can we say about Sam’s labor supply curve?

a. Sam does not have a supply curve, because he turned down the job.

b. Sam’s labor supply curve is upward sloping.

c. Sam places a very low value on leisure at his current wage rate.

d. Sam’s labor supply curve is downward sloping.

3. A key difference between neoclassical theory and the labor theory of value is that

a. neoclassical theory and the labor theory of value have the same view of production.

b. neoclassical theory treats production as a process in which three equal inputs – land, labor, and capital – are combined by entrepreneurs to produce products.

c. neoclassical theory treats production as a process in which four equal intputs – land, natural resources, capital, and entrepreneurship – are combined in order to produce products.

d. neoclassical theory treats production as a process in which labor combines inputs – land and capital – to produce products.

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Homework Answers

Answer #1

1. The income leisure trade off is the basis of the neo classical theory of labour supply.

Option c is the answer.

2.Sam is currently earning $150,000 per year working an 80 hour week. He has just refused a job offer that would increase his salary to $175,000 and require him to work 90 hours per week. What can we say about Sam’s labor supply curve?

Option c is the answer.

Sam places a very low value on leisure at his current wage rate.

3.A key difference between neoclassical theory and the labor theory of value is that

Option A is the answer.

neoclassical theory and the labor theory of value have the same view of production.

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