Which of the following is a marginal decision, rather than an either-or decision?
a. whether to recommend a friend for a job at your workplace
b. whether to ask for a promotion
c. how much money to invest in your savings account
d. whether to look for another job
Ans: c. how much money to invest in your savings account
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What do economists call the loss society experiences when there is market failure and the production of a good is less than the efficient amount?
A) tax B) subsidy C) price floor D) deadweight loss E) quantity restriction
When auto workers go on strike at many of the "Big 3" plants around the United States, the supply of American automobiles
A) increases, which is represented by a leftward shift in the supply curve. B) increases, which is represented by a rightward shift in the supply curve. C) decreases, which is represented by a rightward shift in the supply curve. D) decreases, which is represented by a leftward shift in the supply curve. E) remains the same; only quantity supplied changes.
The concept of economic rent applies to
A. all wage and salary earners. B. no wage or salary earners. C. only owners of real estate. D. people with rare valuable skills.
The slope of the short-run aggregate supply curve shows that:
A. as overall price levels increase, firms are willing to produce more. B. as overall price levels decrease, firms are willing to produce more. C. firms are constrained to a certain level of output in the short run, regardless of the price. D. firms are constrained to a certain price in the short run, regardless of level of output.