Refer to the information provided in Figure 6.14 below to answer the question(s) that follow.
Figure 6.14Refer to Figure 6.14. If the price of an ice cream cone is $2, Jason's income is
A. $75.
B. $250.
C. $300.
D. indeterminate because the price of ice cream sandwiches is not given.
Answer: C
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How wages are determined is best described by
A. political and social forces (such as unions) only. B. economic factors only. C. government regulation only. D. economic factors, with strong influences by political and social forces (such as unions).
Refer to the scenario above. Suppose Pat can impose a fine of $70 if Joe chooses to keep the money and the cost of imposing such a fine to Pat is $10. Which of the following is likely to happen if Pat is known to be vengeful?
A) Joe will choose to split the money into two parts if Pat gives it to him. B) Joe will choose to keep the entire money for himself if Pat gives it to him. C) Pat will not give the money to Joe. D) An unique equilibrium will not occur.
The policy irrelevance proposition states that
A) only relatively large expected changes in monetary policy impact the economy. B) anticipated changes in monetary policy are ineffective in changing real GDP. C) only statements from the White House have impact on the economy. D) in the short run unanticipated changes in monetary policy are ineffective in changing real GDP.
According to the graph shown, what does Y on the x-axis stand for?
A. Full employment level of output
B. Current level of GDP
C. Observed level of output
D. Future target goal for output