Which of the following is NOT given in the text as a problem with using surveys to determine consumer preferences?
A. Subjects are asked to imagine choices that they do not actually face, and few people take hypothetical questions as seriously as they would actual choices.
B. Some people have difficulty forecasting their own behavior.
C. People may answer with what they think they ought to do, not what they think they actually would do.
D. Many people maliciously try to tamper with survey results by giving false answers.
D. Many people maliciously try to tamper with survey results by giving false answers.
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Which of the following statements is true?
A) The relationship between labor demand and wage rate and the relationship between labor supply and wage rate are both positive. B) The relationship between labor demand and wage rate and the relationship between labor supply and wage rate are both negative. C) The relationship between labor demand and wage rate is positive, whereas the relationship between labor supply and wage rate is negative. D) The relationship between labor demand and wage rate is negative, whereas the relationship between labor supply and wage rate is positive.
If the government drafts people into the armed forces rather than persuading them to volunteer
A) it conceals in part the cost to its citizens of obtaining military personnel. B) it employs a nondiscriminatory system because everyone drafted incurs the same cost and can be paid the same wage. C) it must pay higher wages since many people resent the draft. D) it reduces the cost to the nation as a whole of obtaining military personnel. E) it tends to obtain people with the lowest opportunity costs.
Suppose a bank has $100 million in checking account deposits with no excess reserves and the required reserve ratio is 10 percent. If the Federal Reserve reduces the required reserve ratio to 4 percent, then the bank can make a maximum loan of
A) $0. B) $4 million. C) $6 million. D) $10 million.
If a firm has total revenue of $200 million, explicit costs of $190 million, and implicit costs of $30 million, its economic profit is:
a. $200 million. b. $70 million. c. $10 million. d. ?$10 million. e. ?$20 million.