At the December meeting of the American Economic Association, 2,500 new Ph.D.s look for college teaching jobs. If the average wage offer is $40,000 and Tedium University makes that offer, it is likely to
a. be ignored
b. attract only average Ph.D.s
c. attract applicants from top schools
d. attract Ph.D.s with strong dissertations
e. attract applicants of below-average quality
E
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All else held constant, if the price of a resource used to produce product X falls, the
A. demand curve of X will shift to the right. B. supply curve of X will shift to the left. C. supply curve of X will not shift. D. supply curve of X will shift to the right.
The largest category of financial intermediary is the
A) commercial banks. B) savings-and-loans. C) insurance companies. D) mutual funds.
The price charged by a perfectly competitive firm is determined by
a. each individual firm b. a group of firms acting together as a cartel c. market demand and market supply d. the firm's total costs alone e. the firm's average variable cost
Using the income approach, an estimate of the value of capital worn out producing GDP is:
a. indirect business taxes. b. capital consumption allowance or depreciation. c. gross private domestic investment. d. capital erosion estimate.