How many workers would the firm hire if the wage rate were $459?
Answer: 3
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Policies that make it more difficult to fire an employee are likely to:
A. lead to greater unemployment. B. lead to less unemployment. C. have no impact on unemployment. D. affect frictionally unemployed workers more than other unemployed workers.
Roger spends all of his money on racquetballs and food. What would happen to Roger's budget line if his income increased by 10 percent, holding prices constant?
a. It would shift inward. b. It would rotate about the axis for food. c. It would rotate about the axis for racquetballs. d. Nothing would happen to the budget line, because the relative prices for food and racquetballs have not changed. e. It would shift outward.
In Hong Kong, the monetary authority can only increase the monetary base if they accumulate more U.S. dollars because:
A. the monetary authority in Hong Kong operates a currency board where its sole objective is to fix the exchange rate between its currency and the U.S. dollar. B. Hong Kong has received substantial funding from the U.S. Treasury and the loans were conditional on maintaining the value of the Hong Kong currency. C. the currency of Hong Kong is the U.S. dollar. D. the IMF required Hong Kong to peg its currency to the U.S. dollar in order to obtain a loan.
Suppose the market wage for cashiers increases from $7 per hour to $9 per hour. As a result, Pat, who is a cashier, now works five more hours per week. On the other hand Chris, who is also a cashier, now works five fewer hours per week. Chris's behavior illustrates the ________ effect of a wage increase.
A. demand B. supply C. substitution D. income