The effect of a change in the wage rate on the number of hours people are willing and able to work is stronger when the:
A. supply of labor is inelastic.
B. supply of labor is elastic.
C. demand for labor is inelastic.
D. demand for labor is elastic.
Answer: B
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The above table has the demand and supply schedules for money. Real GDP increases and, as a result, the demand for money increases by $0.1 trillion at each level of the nominal interest rate. The new equilibrium interest rate is
A) 5 percent. B) 2 percent. C) 10 percent. D) 3 percent. E) 7 percent.
George's parents let him use the family car whenever he wants, but require that he pays for all gas he uses. George has been driving the car 100 miles per week
His parents want to limit how much he drives the family car, but don't want to impose a major burden on his finances. Mom's plan is to charge him a dollar for each ten miles he drives the car (per week), but to increase his allowance by $10. Dad thinks this plan will have no effect on his driving since he is going to get the money back at the end of the week. Who is right? Explain.
The vertical aggregate supply curve is consistent with
a. the classical model b. the short run macro model c. a typical firm's supply curve d. a positive demand shock e. a negative demand shock
What is shown by the indifference map for two goods? Which indifference curve would a consumer want to be on?
Please provide the best answer for the statement.