Engel's law suggests that as income rises, the demand for food
a. rises less than proportionately
b. rises more than proportionately
c. rises proportionately
d. falls
e. none of the above
A
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The Federal Reserve System has
A) 50 district banks. B) 12 district banks. C) 24 district banks. D) 7 district banks.
Calvin buys newspapers and delivers them (by bike) to his customers' houses while Hobbes sells lemonade at his lemonade stand. One day they compare notes and find that Calvin, after paying for the newspapers and the maintenance on his bike, clears $5 per hour while Hobbes, after paying for the lemonade ingredients and upkeep of his lemonade stand, clears $4.50 per hour. The newspaper and lemonade businesses are the only possible trades for Calvin and Hobbes. a. If Calvin and Hobbes are identical, how much economic profit (per hour) is each making? b. Suppose Hobbes is slower on his bike than Calvin -- and he could only deliver half as many newspapers per hour. What's his economic profit in the lemonade business?
What will be an ideal response?
Refer to Table 4-4. If a minimum wage of $9.50 an hour is mandated, what is the quantity of labor supplied?
A) 390,000 B) 380,000 C) 370,000 D) 340,000
_________________ means that each unit of saved time is more valuable than the last unit
a. Acceleration effect b. Assimilation c. Separation d. Acculturation