Unexpected inflation can benefit some people/firms and harm others. This is an example of:
A. unmeasured risk.
B. idiosyncratic risk.
C. zero risk since the effects balance.
D. systematic risk.
Answer: B
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Real wages increased in industrialized countries in the twentieth century because the demand for labor:
A. increased more slowly than the supply of labor increased. B. decreased, while the supply of labor increased. C. increased more rapidly than the supply of labor increased. D. increased, while the supply of labor decreased.
Government mandated safety standard within firms
A) will always decrease efficiency. B) can increase efficiency by avoiding a prisoner's dilemma outcome. C) are unnecessary because of asymmetric information. D) will create unfair competition among firms.
A firm has average fixed costs of $0.20 and average variable costs of $2.50 at an output of 500 units. The firm's total costs are therefore
A) $1,250. B) $1,350. C) $1,150. D) $1,500.
Given the indifference map and budget constraint lines below, what is the demand curve for sweaters?
A. Graph A
B. Graph B
C. Graph C
D. Graph D