Each year, the president must submit a budget proposal to Congress by:
a. October.
b. July.
c. January.
d. April.
c
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If the price of sandals is fixed by law below the market-clearing price,
A) a surplus of sandals will result. B) sandal inventories at shoe stores will be smaller. C) sandal sellers will spend more on advertising. D) the quantity of sandals demanded will be greater than the quantity supplied. E) the quantity of sandals demanded will be less than the quantity supplied.
The above figure represents the market for teenage workers at fast-food restaurants in Kansas City
a) What is the equilibrium wage rate and employment? b) Describe the market at a wage rate of $6 per hour. c) Describe the market at a wage rate of $12 an hour. d) How would an increase in the number of young, married college graduates, who tend to eat at fast-food restaurants, affect the figure, the equilibrium wage rate, and employment?
To reach general equilibrium, the price level adjusts to shift the ________ until it intersects with the ________
A) IS curve; FE line and LM curve B) FE line; LM and IS curves C) LM curve; FE line and IS curve D) ND curve; FE line and NS curve
Suppose the marginal product of the second worker hired by a firm is 3, and the price of the last unit produced is $7 . Which of the following is true of the marginal revenue product of the second worker?
a. It must equal $21. b. It must be less than or equal to $21. c. It must be greater than or equal to $21. d. It equals $21 only if the firm is a price searcher (e.g., monopoly). e. We can conclude nothing about marginal revenue product.