Refer to the information provided in Figure 1.5 below to answer the question(s) that follow.
Figure 1.5Refer to Figure 1.5. As income increases, consumption increases, but for each additional increase in income, consumption increases by a larger and larger amount. If consumption is graphed on the vertical axis and income is graphed on the horizontal axis, the relationship between consumption and income would look like which of the following Panels?
A. A
B. B
C. C
D. D
Answer: A
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Refer to Figure 9.6. Before this policy was implemented, producer surplus was
A) $10. B) $2000. C) $4000. D) $6000. E) $12000.
An increase in the supply of labor will, everything else equal,
a. increase the full-employment level of output b. decrease the full-employment level of output c. move the economy from a recession toward full employment d. reduce total employment e. have no impact on total employment
Pham can work as many or as few hours as she wants at the college bookstore for $9 per hour. But due to her hectic schedule, she has just 19 hours per week that she can spend working at either the bookstore or at other potential jobs. One potential job, at a café, will pay her $12 per hour for up to 7 hours per week. She has another job offer at a garage that will pay her $10 an hour for up to 5 hours per week. And she has a potential job at a daycare center that will pay her $8.50 per hour for as many hours as she can work. If her goal is to maximize the amount of money she can make each week, how many hours will she work at the bookstore?
a. 4 hours b. 7 hours c. 12 hours d. 16 hours
You decide to open a savings account, and you notice a sign in your bank that indicates deposits are FDIC insured. What protection does that give you?
(A) If the bank fails, your deposits are protected up to $250,000. (B) If you accidentally injure someone, they cannot claim any of the first $250,000 of your bank deposits as compensation. (C) Your deposits are guaranteed a certain rate of interest if you have at least $250,000 in the bank. (D) If you accidentally withdraw more money that you have in your account, you will not have to pay a penalty.