Refer to the figure. Which change would be consistent with an attempt by the Federal Reserve to rein in inflation?
A. Shifting Sf1 to Sf2
B. Shifting Sf4 to Sf3
C. Shifting Sf3 to Sf1
D. Shifting Sf4 to Sf2
A. Shifting Sf1 to Sf2
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Both Claudia and Javier are certified educators. Claudia makes $55,000 a year working as a teacher in a public high school in Chicago. Javier makes $40,000 working as a grade school teacher in a private school in Chicago. Which of the following is true?
A. Javier is clearly worse off than Claudia, because he earns $15,000 a year less. B. Javier must be better off than Claudia if he is willing to take a job at $15,000 a year less than Claudia. C. Even though income is an imperfect measure of well-being, Claudia and Javier must be equally well off because either is free to switch jobs. D. From this information it cannot be determined who is better off because income is an imperfect measure of well-being.
An activity known as shirking is least likely to occur when
a. workers are not monitored. b. all workers are paid the same wage rate. c. the earnings of workers are closely tied to the worker's output. d. the firm is organized as a corporation.
Which of the following is an example of excess supply:
A. Price = $500, demand = 500, supply = 300 B. Price = $700, demand = 300, supply = 500 C. Price = $600, demand = 400, supply = 400 D. Price = $400, demand = 600, supply = 200
Suppose that you have noticed that almost all of the car dealers in your city are located along a three-block stretch of the same street. A likely reason for this clustering of car dealers is that:
A. there is a social norm in that city that dealers follow in choosing location. B. each dealer is attempting to locate closest to the customers. C. each dealer sells a different brand of car, so they are not competitors and do not have to be concerned about the other dealers' locations. D. the dealers are better able to form a cartel.