The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
A) w = 200 - 8L
B) w = 200 - 4L
C) w = 100 - L
D) w = 2L
A
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If you overhear a group of people talking about their plans to save for their retirement and one of them says that it causes them to save less because, as they reason it, "the government is saving for me," you would attribute this to the
A. asset substitution effect. B. induced retirement effect. C. slovenly effect. D. bequest effect.
A decrease in price of a certain good most likely will lead to
A. an increase in quantity demanded and an increase in the demand for that good. B. an increase in quantity demanded but no change in the demand for that good. C. an increase in demand but no change in quantity demanded. D. no change in demand and no change in quantity demanded.
A decrease in the quantity of reserves held by commercial banks could be the result of
A) a decision by U.S. households to hold less currency. B) the sale of government securities by the Federal Reserve. C) a decrease in the government's budget deficit. D) an increase in the exchange rate.
Albert Einstein once referred to compounding as
a. "an obsession among economists that defies explanation.". b. "the greatest mathematical discovery of all time.". c. his own discovery. d. John Maynard Keynes's greatest contribution.