Young John recently took a job with the U.S. Department of Agriculture. His supervisor gave him an assignment and a two-week deadline. He finished the job in three days and turned it in. Now his coworkers are mad at John. Why?
Since there is little incentive for internal efficiency, John should have taken the entire two weeks before handing in the report. If the supervisor comes to believe everyone should work faster, this will not serve the best interests of the veteran USDA employees. In fact, asking for extensions, because of the perceived effort tasks take, will likely be the norm in John's new office.
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What will be an ideal response?
One reason more sport utility vehicles (SUVs) are driven in the United States than in Europe is
A) different marginal rates of substitution. B) different marginal rates of transformation. C) the United States hasn't had a recession since 2000-2001. D) Either A or B
The Fed typically decreases the money supply by
a. selling government bonds b. buying government loans c. selling government loans d. printing more currency e. buying government bonds
Define consumer surplus. Using a graph, explain the change in consumer surplus that would result from a decrease in the price of a gasoline.
Refer to Figure 6.8.
What will be an ideal response?