A die is rolled. The individual rolling the die will receive the number that lands in dollars (i.e. if it lands 1, they receive $1, if it lands two, they receive $2, etc). The expected value of the die roll is
a. $1.00
b. $2.25
c. $3.50
d. $6.00
c. $3.50
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If a firm hires workers up to the point where the value of their marginal product equals their wage, then the firm is
a. minimizing labor costs. b. maximizing profit. c. maximizing the MP of labor. d. minimizing average costs.
If there were a decreased fraction of divorced couples and an increase in the proportion of two-income families: a. both would tend to increase measured income inequality
b. both would tend to decrease measured income inequality. c. the decreased fraction of divorced couples would tend to increase measured income inequality, but the increase in the proportion of two-income families would tend to decrease measured income inequality. d. the decreased fraction of divorced couples would tend to decrease measured income inequality, but the increase in the proportion of two-income families would tend to increase measured income inequality.
How do critics of discretionary stabilization policy view frequent changes in spending and tax policy?
a. The changes make the economy smoother, although it may not look that way to individual firms. b. The changes make life more difficult and hectic for Congress and the Fed. c. The changes smooth out the business cycle, making planning easier. d. The changes cause more instability in the economy and make planning more difficult.
List and describe the four broad categories of resources. Cite an example of each to help support your answer