Some suggest that many New York taxi drivers set an income goal for the week and finish work once they have achieved that goal. If this is true, on busy days when the effective hourly wage is higher, taxi drivers will:
A. work the same number of hours as they will on slower days.
B. work fewer hours than they will on slower days.
C. not work any hours.
D. work more hours than they will on slower days.
Answer: B
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Suppose the figure shown represents the production possibilities frontier for Country A. Country B offers to trade four trucks for every airplane. Assuming Country A specializes in airplane production, which of the following combinations of goods could Country A consume?
A. (15 airplanes, 20 trucks)
B. (10 airplanes, 20 trucks)
C. (10 airplanes, 30 trucks)
D. (5 airplanes, 20 trucks)
According to the rational expectations theory,
a. the expected results of government anti cyclical measures are intensified by the actions of businesses and individuals. b. the easy expansion of the money supply by banks eventually leads to excess productive capacity. c. the expected results of government anti cyclical measures are offset by the actions of businesses and individuals. d. the limited expansion of the money supply by banks eventually leads to excess productive capacity.
If the dollar appreciates relative to other currencies, which of the following is true?
A. It takes more foreign currency to buy a dollar. B. It takes more dollars to buy a foreign currency. C. U.S. exports will increase. D. Foreign purchases of U.S. goods will increase.
Once either expansionary or contractionary fiscal policy has been undertaken,
A. a time lag exists between implementation and the results of the policy. B. taxes will need to be adjusted because of the recognition time lag. C. aggregate demand will respond quickly in the short run but the economy will not improve in the long-run. D. aggregate demand will respond quickly and the problems in the economy will be corrected.