Neighborhood florist shops, restaurants, and travel agencies are most likely organized as
a. labor unions
b. corporations
c. partnerships
d. sole proprietorships
e. stock markets
D
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Refer to Figure 8.5. An efficiency wage in this economy would be represented by a real wage of ________ and an employment level of ________
A) w1; L1 B) w1; L2 C) w2; L1 D) w2; L3
Suppose the banks in the Federal Reserve System have $200 billion in transactions accounts, the required reserve ratio is 0.15, and there are no excess reserves in the system. If the required reserve ratio is changed to 0.10, the amount of excess reserves would be
A. Positive $20 billion. B. Positive $10 billion. C. Negative $20 billion. D. Negative $10 billion.
A nonprice determinant of supply refers to something that:
A. affects the price other than supply. B. affects supply other than the price. C. determines how large a role prices play in the supply decision. D. determines how prices are affected by the seller's income.
Outline the purpose of antitrust laws. What do they accomplish?