________ of unemployment during ________ make it easier for workers to ________ wages
A) High levels; a recession; accept lower
B) Low levels; an expansion; accept lower
C) Low levels; a recession; negotiate higher
D) High levels; an expansion; negotiate higher
Answer: A
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Under Alan Greenspan, the Fed strived to hit its goals of price stability and high employment through
A) setting targets for rates of growth in the M1 and M2 money supplies. B) practicing discretionary monetary policy, reacting to counter-changes in the level of unemployment during recessions and booms. C) setting targets for the federal funds rate of interest. D) strict adherence to rules based strategies.
Equivalent variation means
A. finding an equivalent change in income that puts a person on the same utility as a change in price would. B. finding equal tax rates that insure quantity demanded does not change. C. equalizing excess burden across all markets. D. moving the same distance in either direction from a starting point on an indifference curve.
Mary is a homemaker while husband Jack works at the warehouse. The minimum salary Mary would take for a market-related job is $15,000 . She is offered a job at the office next to the warehouse for $25,000 . which she takes. Mary receives
a. $10,000 in differential rent b. $25,000 in wage-related rent c. $15,000 in wage-related rent d. $15,000 in differential rent e. $10,000 in wage-related rent
In Egypt, in 1970, the Aswan Dam was completed. By preventing the annual flood of the Nile (thereby providing millions of acres of arable land) and by providing electricity, the dam was expected to raise the living standard of the Egyptian people-and it has. However, it has also led to a rise in the water table which causes Egypt's limestone structures, including the pyramids, to absorb more salt
water and to suffer serious erosion from crystallized salts. Combined with air pollution and traffic vibration, this erosion is turning the pyramids to dust. Economists analyze this type of problem with the concept of a. an externality. b. the antiquity problem. c. a free-rider problem. d. the public good problem. e. the trade-off between equity and output.