Jamal maximizes utility by allocating his time among leisure, market work, and household work so that
a. expected marginal utility is equal among all three
b. expected total utility per hour is equal among all three
c. expected marginal utility per hour is equal among all three
d. the maximum amount of goods and services can be acquired
e. expected total utility of each use is equal
C
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How might long policy lags impact the divine coincidence?
What will be an ideal response?
A monopolist is earning an economic profit. At the present output level, MR = $35 and MC = $30 . Which of the following should the firm do to increase profit?
a. raise output and lower price b. do not change price or output c. raise price and raise output d. raise price and lower output e. lower price and lower output
Examples of Fed actions that could decrease money supply are making open market
a. purchases, increasing the required reserve ratio, and increasing the discount rate b. sales, decreasing the required reserve ratio, and increasing the discount rate c. sales, increasing the required reserve ratio, and decreasing the discount rate d. sales, increasing the required reserve ratio, and increasing the discount rate e. purchases, decreasing the required reserve ratio, and decreasing the discount rate
When a country imposes and maintains price controls, inflation
A) can never occur. B) will result in a general surplus of goods and services. C) is felt through long lines of people wanting to buy goods. D) has been legislated away.