Curly just graduated from State U and has three job offers: teaching at a prestigious private high school nine months a year with summers off, working forty hours a week at a bank in a small city, and working more than sixty hours a week for a high-powered investment firm in New York. Suppose all of the jobs paid exactly the same annual salary, and that most people prefer leisure to work, all else equal. If that were the case:
A. people would naturally sort themselves into the job that best suits their talents.
B. there would be a surplus of workers at the investment firm.
C. there would be a surplus of teachers at the high school.
D. there would be a shortage of teachers at the high school.
Answer: C
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A monopolist will spend resources to advertise its product so long as
A) net profits increase. B) gross profits increase. C) demand increases. D) total revenue increases.
Inrecent years in China, the fraction of the population living below the international poverty line ($1.25 per person per day):
A. fell substantially. B. increased dramatically. C. increased more on average compare toother developing countries. D. fell to zero.
In which of the following monetary aggregates are Treasury Bills included?
a. M1 only b. M2 only c. both M1 and M2 d. neither M1 nor M2
Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, the average revenue of the 200th unit will be
a. less than $12. b. more than $12. c. $12. d. Any of the above may be correct depending on the price elasticity of demand for the product.