Economists do not agree on why wages are more rigid now than they were before World War II
a. True
b. False
Indicate whether the statement is true or false
True
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A student is studying for an exam 2 hours a day and is debating whether to study an extra hour. The student's marginal benefit
A) depends on the grade the student earns on the exam. B) is the benefit the student receives from studying all 3 hours. C) is the benefit the student receives from studying the extra hour. D) is greater than the student's marginal cost.
If a component of aggregate demand increases,
A) GDP in the United States is likely to increase less than that component of spending increased. B) GDP in the United States is likely to increase more than that component of spending increased. C) GDP in the United States is likely to decrease. D) GDP in the United States will not change.
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An accountant would calculate the total profit for one birdhouse to be
a. $7. b. $11. c. $12. d. $15.
If a price ceiling is imposed, then:
A. the market supply curve will shift to the right. B. the market demand will shift to the left. C. a shortage of product will result. D. the market equilibrium price is below the level the government wishes to achieve.