Bob and Mary each have a Ph.D. in economics. Bob has a job in private industry at which he earns $90,000 a year. Mary earns half that much as a college professor. Which of the following could not explain Mary's career choice?
a. She experiences diminishing marginal utility.
b. She enjoys the flexibility of her schedule.
c. She enjoys teaching.
d. She enjoys the informal atmosphere of a college.
e. She likes having her summers free to do research.
A
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Suppose that someone deposits $10,000 into a bank. Assuming a reserve requirement ratio of 20 percent, what will be the eventual increase in checking account balances?
What will be an ideal response?
In the specific factor model, the effect of an increase in the productivity of labor in the production of cloth will cause a(an) ________ in the quantity of labor used to produce cloth, a(an) ________ in the quantity of labor used to produce food and
a(an) ________ in the wage rate. A) increase; decrease; increase B) decrease; increase; increase C) increase; decrease; decrease D) decrease; increase; no change E) increase; increase; no change
If companies that were creating pollution had to pay the social cost of production, they would want to supply:
A. more at any given price. B. less at any given price. C. the same amount at the equilibrium price. D. the same amount at any given price.
Minimum wage laws
a. may encourage some teenagers to drop out and take jobs. b. create labor shortages. c. have the greatest impact in the market for skilled labor. d. All of the above are correct.