What is the "unit of account" function of money?
A. a common measurement of the relative value of different goods and services
B. the ability of money to hold value over time
C. the quality of money not to be hoarded because of its commodity value
D. the function of money to be widely accepted I exchange for goods and services
Answer: A
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Suppose that the equilibrium wage in the low-skilled labor market is $9.25. Further, suppose the federal government raises the minimum wage to $9.00 an hour from its present level of $8.15
The government's action of increasing the minimum wage will result in A) a decrease in unemployment. B) an increase in unemployment. C) a shortage of low-skilled labor. D) neither a shortage nor a surplus of labor in the low-skilled labor market.
The sample average is a random variable and
A) is a single number and as a result cannot have a distribution. B) has a probability distribution called its sampling distribution. C) has a probability distribution called the standard normal distribution. D) has a probability distribution that is the same as for the Y1,..., Yn i.i.d. variables.
The productivity slowdown of the 1970's occurred:
A. only in the U.S, the United Kingdom, and Japan. B. only in the U.S. and the United Kingdom. C. only in the U.S. D. around the world.
Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table, its marginal revenue is positive
A. at all prices above $3.00. B. at all prices. C. at all prices below $3.00. D. at all price but $3.00.