The table above gives information about the labor market in Lantis, a community in which the labor market is perfectly competitive. The equilibrium wage rate is ________ an hour and the quantity of labor employed is ________ hours per day
A) $5; 600
B) $25; 200
C) $15; 400
D) None of the above answers is correct.
C
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For a closed economy with no government, we know that at every level of GDP actual investment equals
A) the difference between planned investment and actual saving. B) the difference between planned saving and actual saving. C) planned investment. D) planned saving.
If the economy's resources are fully employed and prices are starting to rise, the Fed can ________ the money supply in an attempt to reduce inflationary pressure. If this action is well-calculated, output will ________
A) increase; rise B) increase; remain close to its potential level C) decrease; remain close to its potential level D) decrease; fall
Carlos Silva, a Colombian singer, goes on tour to the United States for one month, following high American demand for his live shows. Assuming that all the show's expenses are paid by the U.S. promoters, other things equal, the U.S. tour will bring about:
a. a decreased supply of Colombian pesos in the foreign exchange market. b. an increased supply of American dollars in the foreign exchange market. c. an increased supply of Colombian pesos in the foreign exchange market. d. a decreased demand for Colombian pesos in the foreign exchange market. e. an increased demand for American dollars in the foreign exchange market.
Ex-London School of Economics student Mick Jagger sang, "You can't always get what you want, but if you try sometime, you just might find you can get what you need." Another statement of the basic economic principle expressed in this lyric is that
a. rational decisions are not always possible. b. you can allocate your resources to what gives you the highest value. c. you can create the supply to meet your own demand. d. you can maximize social welfare by making optimal decisions.