A ________ money supply curve implies that the quantity of money supplied is independent of the interest rate
a. horizontal
b. vertical
c. upward sloping
d. downward sloping
b
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When the budget line for two goods is just tangent to the highest achievable indifference curve, then _____
a. the consumer is in equilibrium b. the consumer should purchase more of the good represented on the horizontal axis c. the consumer should purchase more of the good represented on the vertical axis d. the consumer cannot afford the combination represented by the tangency point e. the consumer should purchase less of both goods
When there is a decrease in the unemployment rate,
A. The production possibilities curve shifts outward. B. The economy moves closer to the production possibilities curve. C. There is a movement along the production possibilities curve. D. The production possibilities curve shifts inward.
Minimum-wage laws are an example of:
A. collective bargaining. B. wage rigidity. C. the discouraged-worker effect. D. insiders versus outsiders.
From an economic perspective, when a student decides to attend another year of college, the student has concluded that the marginal:
A. benefits of attending college are greater than the marginal costs. B. costs of attending college will be subsidized by someone else such as parents or the government. C. costs of attending college have increased that year. D. benefits of attending college have decreased that year.