The demand for labor determines the
A. Minimum wage rate.
B. Total number of people who want to work.
C. Willingness and ability of people to work at alternative wage rates.
D. Number of available jobs.
Answer: D
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Which of the following correctly ranks the amounts from smallest to largest?
A. output per person, total output, average labor productivity B. total output, average labor productivity, output per person C. total output, output per person, average labor productivity D. output per person, average labor productivity, total output
When the Federal Reserve wants to slow inflation, it
A) lowers the federal funds rate. B) increases taxes on interest income. C) raises the federal funds rate target. D) increases aggregate income, output, and employment. E) cuts the federal funds rate target aggressively to almost zero.
In consumer equilibrium, one dollar's worth of additional gasoline will yield the same marginal utility as one dollar's worth of additional cheese
a. True b. False Indicate whether the statement is true or false
If the benefits of X = $100 and the price of X = $50, then
A. you should not buy X. B. you will be indifferent between buying X and keeping your money. C. $100 is the reservation price. D. $0 is the reservation price.