Write down the budget constraint equation as well as the choice set for a worker who has 100 possible hours of leisure per week and can earn a wage of $25 per hour.
What will be an ideal response?
Choice Set:
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Indicate whether the statement is true or false
When the legal reserve requirement is lowered,
a. the money multiplier increases, and the amount of excess reserves increases in the banking system b. the money multiplier decreases, and the amount of excess reserves increases in the banking system c. the money multiplier decreases, and the amount of excess reserves decreases in the banking system d. the money multiplier increases, and the amount of excess reserves decreases in the banking system e. there is no change in either the money multiplier or the amount of excess reserves in the banking system
Use the following table to answer the next question. The base year is 2007. YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Compared to the base year, the rate of inflation for the year 2009 is
A. 80%. B. 10.5%. C. 22.5%. D. 100%.
During the winter of 2011-2012, the price of fuel oil increased enormously but the quantity demanded decreased only a little. This response indicates that the demand for fuel oil was
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.