If you are asked how much a 2-week vacation in Jamaica is worth, which function of money will you base your answer on?
A. Medium of exchange
B. Store of value
C. Standard of deferred payment
D. Standard of value
D. Standard of value
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
If there is a monopsony operating in the labor market illustrated in the figure above and the federal government decides to institute a minimum wage of $8 an hour then the wage paid will ________ and the quantity of labor hired will ________
A) increase; decrease B) increase; increase C) decrease; increase D) decrease; decrease
The participation rate is
A) countercyclical B) more variable than GDP C) procyclical D) a leading variable
A monopolistic competitor maximizes profit by producing 600 units of output at a price of $24 per unit. If the average cost of production is $18, the monopolistic competitor earns a profit of:
a. $3,600. b. $2,400. c. $6,000. d. $1,800.