If an individual labor supply curve bends backward at some high wage, so does the market labor supply curve
a. True
b. False
Indicate whether the statement is true or false
False
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In the Keynesian framework, as long as output is ________ the equilibrium level, unplanned inventory investment will remain negative and firms will continue to ________ production
A) below; lower B) above; lower C) below; raise D) above; raise
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
The winner of the Mega Millions lottery game can choose to accept a one-time payout of $190.1 million or receive $11 million per year for 30 years. Assuming no tax consequences and an interest rate of 4 percent, using the tables shown below, what is the best decision for the winner?Annuity Table(value now of $1 Per year To be received for x-years) Present Value Table(Value now to $1 to be received x-years un the future) Year3%4%6%Year3%4%6%108.538.117.36100.740.680.531511.9411.129.71150.640.560.422014.8813.5911.47200.550.460.313019.6017.2913.76300.410.310.17
A. It does not matter because the two payouts cannot be compared. B. Take the payout over 30 years because that's more money. C. It does not matter because the two sums have roughly equal time values. D. Take the $190.1 today because that's more money.
How does the market mechanism answer the WHAT, HOW, and FOR WHOM questions?
What will be an ideal response?