The reservation wage is the
A) highest wage for which a person is willing to supply labor.
B) lowest wage for which a person is willing to supply labor.
C) wage for which a person is willing to work full time.
D) wage for which a person is willing to work overtime.
B
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Over time, the Phillips curve has:
a. remained stable. b. shifted downward. c. shifted upward. d. has become positively sloped.
Which of the following statements about equilibrium is true?
a. The positive and the normative attributes of equilibrium are similar. b. The equilibrium price fails to redistribute goods in accordance to individual valuations. c. Equilibrium refers to a state of complete happiness or fairness. d. In equilibrium there are neither surpluses nor shortages.
Suppose Tyler values a basketball at $20 . Jacqui values a basketball at $25 . The pre-tax price of a basketball $10 . The government imposes a tax of $5 on each basketball, and the price rises to $15 . The deadweight loss from the tax is
a. $25. b. $15. c. $10. d. $0.
A budget deficit
A) occurs when government expenditures exceed tax revenues. B) occurs when tax revenues exceed government expenditures. C) occurs when transfer payments exceed tax revenues. D) will always result when Congress and the president cannot agree on expenditures. E) occurs when monetary policy works in the opposite direction of fiscal policy.