Modern economics as a field of study is usually thought to have begun with which of the following?
What will be an ideal response?
Adam Smith and the writing of 'The Wealth of Nations'.
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Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If the price of burger increases, which of the following bundles are in Max's opportunity set?
A) b, d, e B) d, e C) a, b, c, d, e D) None of the labeled points are in Max's opportunity set.
A firm has two plants, one in the United States and one in Mexico, and it cannot change the size of the plants or the amount of capital equipment. The wage in Mexico is $5. The wage in the U.S. is $20
Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500. a. Is the firm maximizing output relative to its labor cost? Show how you know. b. If it is not, what should the firm do?
A commitment device is:
A. an arrangement entered into by an individual with the aim of helping fulfill a plan for future behavior that would otherwise be difficult. B. a way to deal with time inconsistency. C. something that helps people conquer their vices. D. All of these are true.
A decrease in the discount rate ____ both total and excess reserves and ____ the money supply.
A. increases; decreases B. decreases; increases C. decreases; decreases D. increases; increases