If Larry starts a new pizza parlor and hires a manager for $30,000 per year, this implies that
A. the price of pizza will increase if Larry works in the parlor himself.
B. Larry values his labor at more than $30,000 per year.
C. pizza parlor managers are inexpensive to hire.
D. Larry values his labor at less than $30,000 per year.
Answer: B
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A _______ is an enforceable claim on a good or service.
A. deed B. government decree C. price D. property right
A decrease in the demand for incandescent light bulbs due to changes in consumer tastes, accompanied by a decrease in the supply of incandescent light bulbs as a result of government restrictions, will result in
A) a decrease in the equilibrium quantity of incandescent light bulbs; the equilibrium price may increase or decrease. B) a decrease in the equilibrium quantity of incandescent light bulbs and no change in the equilibrium price. C) a decrease in the equilibrium price of incandescent light bulbs and no change in the equilibrium quantity. D) a decrease in the equilibrium price of incandescent light bulbs; the equilibrium quantity may increase or decrease.
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A) 1.225. B) 1.45. C) 4.0. D) 2.5.
If the fractional reserve system were to cease to exist, the banking system would be able to create money
Indicate whether the statement is true or false