The number of worker-hours available in an economy is determined by the following, except:
A. Size of the labor force
B. Length of the average workweek
C. Unemployment rate of the workforce
D. Labor force participation rate
C. Unemployment rate of the workforce
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Which of the following is NOT a commitment device?
A. A manufacturer's 2-year agreement to fix, at no cost to you, anything that breaks on your computer. B. A non-refundable advance payment to reserve a room at a resort. C. A pre-nuptial agreement that provides for a large penalty in the event a spouse has an affair. D. High fines for illegal parking on campus.
Which of the following illustrates consumer surplus?
a. Jon and Gabi find the perfect apartment, but it is $100 per month over budget. b. When Amy shops for a new car, she finds dozens of options in her price range. c. Beck finds an online deal for a plane ticket to Miami that is $100 under his budget. d. Stores cannot stock enough round sunglasses after a celebrity promotes the style.
Refer to the above diagram for good R. A shift in the supply curve from S2 to S1 would best be explained by:
A. government imposing a tax on good R. B. an improvement in the technology used to produce good R. C. a decrease in the price of resources used to produce good R. D. an increase in the price of good R.
Which of the following products is a leading import of the United States?
A. Grains B. Aircraft C. Petroleum D. Generating equipment