George is a gift giver and Roger is a gift recipient. George has Roger in his utility function, but Roger does not have George in his utility function. Roger may try to get George to __________________ George's efficient number of gifts to (give)
A) give more gifts to him than
B) reduce the number of gifts he receives below
C) increase the number of gifts he receives beyond
D) a and b
E) a and c
E
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Suppose that workers decrease their taste for leisure, and thus require less time away from work. What is likely to happen to wages and the quantity of labor hired?
A) wages increase, quantity of labor hired decreases B) wages increase, quantity of labor hired increases C) wages decrease, quantity of labor hired decreases D) wages decrease, quantity of labor hired increases
What happens to quantity demanded when price is lowered?
A. It rises B. It falls C. It stays the same D. It cannot be determined if it rises, falls, or stays the same
When the Fed wants to expand the money supply through open-market operation, it
A. sells government securities to the Treasury. B. sells government securities to member banks. C. buys government securities from member banks. D. buys government securities from the Treasury.
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C