In the textbook, there was a discussion of the average numbers of hours worked in the U.S. being around 34 hours per week. As you enter the work force, do you expect this number to increase or decrease?
What will be an ideal response?
Answers will vary based on expectations. Some would argue that with increasing tax burdens,
people will be forced to work more hours (provided jobs are available). Others will argue that
advances in technology will make working easier and less hours on average will be required.
The issues of preferences must also be considered.
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As the money wage rate increases
What will be an ideal response?
If a firm perceived that the other firm in an implicit pricing agreement dropped its price in response to a change in market conditions, then its most likely response would be to:
A. match the other firm's price. B. engage in a price war. C. raise price to punish the other firm. D. keep its price the same.
In economics, how long is the long run?
A. whatever time it takes a firm to vary all inputs B. more than 20 years C. 1 year or longer D. 24 months or longer
Suppose that someone deposits $10,000 into a bank. Assuming a reserve requirement ratio of 20 percent, what will be the eventual increase in checking account balances?
What will be an ideal response?