Which one of the following people is not a member of the labor force?
A. A full-time student who devotes all her time to her classes.
B. A person who works 30 hours a week at Burger King and goes to school at night.
C. The man who was fired last week and is searching for a new job.
D. A professional athlete.
Answer: A
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What would cause a bank run?
A) Depositors feel that the bank does not have sufficient assets to cover their deposits. B) Bank managers choose to hold more excess reserves. C) Depositors feel that they are earning too low of a return on their deposits. D) Borrowers feel that they are being charged too high of an interest rate on their loans.
The slope of a country's production possibility frontier is equal to ________ and the optimal production point is located where the slope is equal to ________
Assume that output of good Y is measured on the vertical axis, output of good X is measured on the horizontal axis, MPL is the marginal product of labor with a subscript indicating which good, P is the price of a good, and w is the wage rate. A) -MPLY/MPLX; -PX/PY B) -PX/PY; -MPLY/MPLX; C) -PX/w; -PY/w D) -MPLY/w; -MPLF/w E) -MPLX/MPLY; -PX/PY
The nonrivalrous character of technological ideas suggests that ________
A) patent law protection is ultimately inefficient B) technological change follows a logarithmic pattern C) technology developed in one industry, e.g. the vodka industry, cannot be used in another industry, e.g. the automobile industry D) ideas can be used over and over again
In economic analysis, any amount of profit earned above zero is considered "above normal" because
A) normally firms are supposed to earn zero profit. B) this would indicate that the firm's revenue exceeded both its accounting and opportunity cost. C) this would indicate that the firm was at least earning a profit equal to its opportunity cost. D) this would indicate that the firm's revenue exceeded its accounting cost.