In the figure above, the number of workers employed is ________, and the wage paid is ________
A) 3,000; $7 per hour
B) 7,000; $7 per hour
C) 5,000; $5 per hour
D) 5,000; $7 per hour
E) 3,000; $5 per hour
A
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In the figure above, the substitution effect outweighs the income effect in all segments EXCEPT
A) 0a. B) 0c. C) bc. D) cd.
The distribution of income primarily determines which of the fundamental economic questions?
A) How the goods and services are to be produced? B) Who will receive the goods and services produced? C) What goods and services are to be produced? D) How to plan the economy?
If resource prices rise and the average total cost of producing a product increases as the firms in an industry expand output in response to an increase in demand, the long-run market supply curve for the product will
a. be perfectly elastic (a horizontal line). b. be perfectly inelastic (a vertical line). c. slope upward to the right. d. be more inelastic than the short-run supply curve for the product.
You may receive a margin call if
A. you have a long (buying) futures position and prices increase. B. you have a long (buying) futures position and prices decrease. C. you have a short (selling) futures position and prices decrease. D. Both A and C.