To accurately draw a labor supply curve, there should be a relationship between _______ and __________.
A. the wage rate; utility
B. total expenditures; the wage rate
C. the wage rate; hours worked
D. taxes; utility
C. the wage rate; hours worked
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Compared to the GDP deflator, the consumer price index measures:
A) the price of all the goods and services produced in the economy. B) the price of a fixed market basket of goods and services. C) the price of exported goods and services. D) the price of wholesale goods and services.
In 2008, the Fed followed an expansionary monetary policy, which was evident by the:
A. decrease in the repo rate from 4 percent in January to 0.25 percent in December. B. increase in the discount rate and decrease in the Fed fund rate by the same amount. C. increase in the federal funds rate from 0.25 percent in January to 4 percent in December. D. decrease in the federal funds rate from 4 percent in January to 0.25 percent in December.
A firm should shut down production when
A. P = minimum ATC. B. P > minimum AVC. C. P = MC. D. P < minimum AVC.
With the exception of during recessions, workers in Canada are eligible for unemployment benefits for about twice as long a period of time as workers in the United States. As a result
A) the average duration of unemployment is longer in the United States than in Canada. B) the unemployment rate in Canada is usually higher than in the United States. C) the opportunity cost of job search in Canada is lower than in the United States. D) frictional unemployment is higher, on average, in the United States than in Canada.