When the use of a communally owned resource has no price, then people will
A. use too much of this resource.
B. use less of the resource than usual.
C. use another resource altogether.
D. not use this resource.
Answer: A
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Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy's cost curves. The current market price is 2 cents per page. With no change in demand and technology, in the long run, the price will
A) remain unchanged. B) rise to 5 cents per page. C) rise to 4 cents per page. D) fall to 1 cent per page.
(a) Draw a figure, using the Keynesian IS—LM framework, of an economy in recession
(b) If the Fed's goal is to move output to its full-employment level, what should it do with monetary policy? What will happen to the real interest rate? What is the effect on the price level? Show the result in your diagram. (c) Suppose the Fed decides to keep the money supply unchanged. How could the government use fiscal policy to move the economy to full employment? Show the result in your diagram. (d) How does the real interest rate differ between parts (b) and (c)?
For an open economy, national savings can be:
A. more than investment. B. less than investment. C. the same as investment. D. All of these are true.
For those workers who are given fringe benefits such as health insurance and pensions, the additional income this amounts to over and above the average hourly wage can be as much as (for some workers)
a. 10-12% b. 30-40% c. 51-62%% d. 70% or more