If the wage rate were $15, how many workers would be hired?
Answer: 7
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The above table shows production points on Sweet-Tooth Land's production possibilities frontier. Which of the following is an example of a point that is inefficient?
A) 0 chocolate bars and 100 cans of cola B) 20 chocolate bars and 80 cans of cola C) 32 chocolate bars and 40 cans of cola D) 38 chocolate bars and 0 cans of cola
Which of the following is a FALSE statement concerning purchasing power parity?
A) Purchasing power parity states that dollars will tend to exchange for pounds at a rate that maintains a constant purchasing power of a given quantity of a currency. B) Over the long term, a Big Mac in New York will tend to cost the same as a Big Mac in London. C) There should not be significant deviations in the long-run value of purchasing power parity. D) Over the long run, purchasing power parity exerts influence over exchange rates. E) An overvalued dollar buys more in Britain than it does in the United States.
The following is NOT an example of a potential monitoring solution to moral hazard
a. blocking social network sites on company computers b. closed circuit TVs throughout a warehouse c. GPS tracking devices in repair trucks d. requiring physicians to be 'board certified'
The vertical long-run Phillips curve
a. implies that the Fed cannot influence the unemployment rate in the long run. b. implies that the Fed can influence the unemployment rate in the long run. c. implies that the Fed can influence both the unemployment rate and the inflation rate in the long run. d. implies that the Fed can reduce the unemployment rate in the long run only at the expense of higher inflation rate. e. none of the above.