Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. If Sam takes fewer hours of leisure in the summer than in the winter, we can assume that his labor supply curve for the range of earnings in this example
a. is horizontal.
b. is vertical.
c. is upward sloping.
d. has a backward-bending portion.
d
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Why does the production possibility frontier have a negative slope?
What will be an ideal response?
A firm that charges a very low price would be practicing predatory pricing if
A. the price allowed only a small profit. B. the price would only be profitable if it succeeded in driving a rival out of the market and prices increased afterward. C. the price allowed profits that were positive but below those earned by other firms. D. it only offered the low price to its rivals’ customers.
Which of the following is held constant in the short-run macro model?
a. GDP b. Prices c. Investment spending d. Consumption e. The money supply
Which does M1 include?
a. Coins and currency in circulation, checkable deposits, and credit cards b. Coins and currency in circulation, checkable deposits, and savings accounts c. Coins and currency in circulation checkable deposits, and traveler’s checks d. Coins and currency in circulation, coins and currency owned by banks, and traveler’s checks