Refer to Scenario 17-1. Following the passage of comparable worth legislation, Unity College responds by placing salaries at $65,000. Which of the following is the result of the legislation?
A) The supply of English professors increases and the supply of business professors decreases.
B) There will be a surplus in the market for English professors and the market for business professors will not be affected.
C) There will be a surplus in the market for English professors and a shortage in the market for business professors.
D) The demand for English professors decreases and the demand for business professors increases.
C
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Assuming the price level has not changed, how would an increase in the aggregate demand affect real GDP?
A) It only changes with changes in exports. B) It increases. C) It only changes with changes in imports. D) It decreases.
If desired spending is less than output, then firms:
A) accumulate their inventories and cut production. B) deplete their inventories and cut production. C) deplete their inventories and increase production. D) accumulate their inventories and increase production.
At which point is society employing some of its available technology but not all of it? (See Figure 1.1.)
A. A. B. B. C. C. D. D.
Whenever Josh goes to his favorite restaurant, he wants to buy tiramisu, his favorite dessert. Despite the fact he would enjoy the flavor of the tiramisu the same amount every time, Josh only buys it when others are having dessert, and never buys it if
he would be the only one having dessert. Behavioral economists would say that Josh's decision is affected by: A. the availability heuristic. B. confirmation biases. C. framing effects. D. the self-serving bias.