A measure of the way a quantity supplied reacts to a change in price:
a. subsidy
b. supply schedule
c. law of supply
d. elasticity of supply
e. excise tax
Ans: d. elasticity of supply
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In the United States over the last 50 years,
A) the labor force participation rate for women has increased to match that for women in other developed countries. B) the labor force participation rate for women has increased to near 60 percent. C) the change in men's labor force participation rate explains the behavior of the unemployment rate. D) both women's and men's labor force participation rates have increased due to technology. E) women's earning power has remained fairly constant.
If the federal funds rate is above the equilibrium federal funds rate, then the supply of reserves would be __________ than the demand for reserves and the banks would try to __________ reserves causing the federal funds rate to fall
A) greater than; lend B) greater than; borrow C) less than; lend D) less than; borrow
In the above table, what is the marginal physical product of worker 2?
A) 10 B) 18 C) 11 D) 9
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. If they open up to trade and the citizens of the island consumed 1,200 fish per year, how many pounds of berries can they consume every year?
A. 9,400 pounds B. 12,800 pounds C. 8,000 pounds D. 9,200 pounds