Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.
Figure 28.1Refer to Figure 28.1. At wage rate $6, there is a ________ of labor equal to ________ million people.
A. shortage; 180
B. surplus; 180
C. surplus; 60
D. shortage; 60
Answer: D
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Indicate whether the statement is true or false
Substitution of one commodity for another depends on all of the following factors, EXCEPT:
a. prices of the goods available to the consumers. b. tastes and preferences of the buyers. c. the information buyers possess. d. market protocols.
When economists say an activity is consistent with economic efficiency, they mean
a. a majority of citizens favor the activity. b. the benefits that result from the activity exceed the costs. c. the number of people who gain from the activity exceeds the number on whom costs are imposed. d. the costs that result from the activity exceed the benefits.
If a bank receives a $7,500 deposit and the required reserve ratio is 20%, how much of this deposit can be loaned out?
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