Suppose a university refunds students 75% of their tuition if they drop out before the third week of class, 50% if they drop out between their third and fifth week, 25% if they drop out between their sixth and eighth week, and 0% after the eighth
week. Flint paid $1,000 tuition, and is in his fourth week of class. What's his sunk cost? A) $0
B) $250
C) $500
D) $750
E) $1,000
C
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Keynes argued that when unemployment was high, wages would ________.
A. resist rising B. resist falling C. rise quickly D. fall quickly
Which of the following might be considered an automatic fiscal stabilizer?
A) government spending for the war effort B) 401(k) retirement program C) government budgeting for education D) unemployment compensation
Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, one million dollars in required reserves, and faces a required reserve ratio of ten percent
Given this information, we can say First National Bank has ________ million dollars in excess reserves. A) one B) two C) nine D) ten
Cyclical unemployment is positive when
A) the inflation rate is positive. B) the economy is at the peak of a business expansion. C) the natural rate of unemployment exceeds the actual rate. D) the actual unemployment rate exceeds the natural rate.