According to the law of diminishing marginal utility, the marginal utility curve is ____
a. vertical
b. flat.
c. upward sloping.
d. downward sloping.
d
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Suppose that Australia has fully employed all of its resources. This situation means that Australia
A) is experiencing zero unemployment. B) has a positive Lucas Wedge. C) has a negative Okun Ga D) is operating at its potential GDP
Job rationing occurs when the real wage rate is
A) above the equilibrium wage rate so there is a shortage of labor. B) above the equilibrium wage rate so there is an excess supply of labor. C) equal to the equilibrium wage rate so there is no excess supply of labor. D) below the equilibrium wage rate so there is an excess supply of labor. E) Both answers A and D are correct because whenever the real wage rate is above or below the equilibrium wage rate, there is an excess supply of labor.
Policy-oriented economists seek to develop theories to
a. explain how things work so policies can be formulated. b. describe what happened in a particular time period in history. c. describe current economic events. d. find correlations between events. e. change people's values and ethics.
Required reserves of banks are a fixed percentage of their
A. loans. B. assets. C. deposits. D. All of these responses are correct.