If the U.S. experiences an enormous surge of immigration, we could predict it would make the labor supply:
A. increase and shift to the right.
B. decrease and shift to the right.
C. decrease and shift to the left.
D. increase and shift to the left.
Answer: A
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Steve has two goods he can spend his income on, skiing and skating, and his marginal utilities from each are in the table above. The price of each unit of skiing is $10 and the price of each unit of skating is $10. Steve has $40 to spend
What quantities of skiing and ice skating will Steve consume to maximize his utility? A) 0 units of skiing and 4 units of skating B) 2 units of skiing and 2 units of skating C) 4 units of skiing and 0 units of skating D) 2 units of skiing and 4 units of skating
Total consumer surplus in a market is measured as the
A) area bounded above the market clearing price and beneath the market demand curve. B) area bounded below the market clearing price and above the market supply curve. C) vertical distance from the horizontal (quantity) axis to the market clearing price. D) horizontal distance from the vertical (price) axis to the equilibrium quantity.
Moving down along an indifference curve: a. total utility remains constant
b. total utility decreases. c. total utility increases. d. total utility first decreases and then increases.
Assume an investor has a choice of 3 consecutive one-year bonds or one 3-year bond. Assuming the expectations hypothesis of the term structure of interest rates is correct the:
A. three consecutive one-year bonds must have the same interest rate. B. average interest rate of the three consecutive one-year bonds should be less than the 3- year bond to reflect the risk premium. C. interest rate of the 3-year bond should equal the average interest rate of the 3 one-year bonds. D. current one-year interest rate must equal the current 3-year interest rate.