Suppose that a minimum wage is set that is higher than wages for retail workers. This is ________ news for shoppers and ________ retail workers.
A. bad; good news for some, but not all
B. bad; good news for all
C. good; good news for some but not all
D. good; good news for all
Answer: A
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Refer to the figure above. If the capital stock is fixed at $300, what is the GDP in the economy?
A) $7,000 B) $6,000 C) $5,000 D) $4,000
Equilibrium price is _____.
Refer to the graph below. Suppose you had tastes as described by the indifference curves above. If your income was $90, Px = 30 and Py = 10, which combination of X and Y would maximize your utility?
A. 3X and 0Y
B. 0X and 9Y
C. 3X and 9Y
D. 1X and 6Y
On December 17, 2010, President Obama extended income tax cuts initially enacted in 2001 and 2003 for two additional years
According to the permanent-income hypothesis, these tax cuts would represent ________ income and would have ________ on consumption. A) permanent; a significant impact B) permanent; very little impact C) transitory; a significant impact D) transitory; very little impact