A short-term debt instrument issued by well-known corporations is called
A) commercial paper.
B) corporate bonds.
C) municipal bonds.
D) commercial mortgages.
A
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The minimum wage is set above the equilibrium wage rate. Does the minimum wage create inefficiency?
A) Yes B) No C) Only if the supply of labor is perfectly inelastic D) Only if the supply of labor is perfectly elastic E) Only if employment exceeds the efficient amount
Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts less than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
If the economy is in a recession, the inflation rate is ________ it would be at potential GDP. Other things equal, if the government implemented an expansionary fiscal policy, the inflation rate would ________
A) greater than; remain constant B) greater than; decrease C) less than; increase D) less than; remain constant
Dr. Benson is regarded as, by far, the best dentist in his part of the country, yet his income is not significantly higher than the average income for a dentist in his area. In contrast, Bo Johnson, the best baseball player in that region, earns five times the average salary of all baseball players. The most likely explanation is that
a. the widespread perception that Dr. Benson is a great dentist is, in fact, incorrect. b. the baseball players' union is more powerful than the professional association of dentists. c. Bo Johnson, unlike Dr. Benson, can provide his services to millions of people simultaneously. d. chance plays a role in determining people's incomes, resulting in earnings discrepancies that are hard to explain or justify.