People will be likely to spend a smaller percentage of any additional income when _____
Fill in the blank(s) with the appropriate word(s).
they believe that the increase is temporary.
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People who are not currently employed but say they want a job are counted as unemployed only if they: a. have previously held a job
b. are actively seeking employment. c. are discouraged workers. d. are between 16 and 65 years of age. e. are willing to accept any offer of employment.
Which of the following contains only normative statements?
a. The birth rate is reduced as economies urbanize, but that also leads to a decreased average age of developing countries' populations. b. An increase in the price of corn will decrease the amount of corn purchased. However, it will increase the amount of wheat purchased. c. A decrease in the price of butter will increase the amount of butter purchased, but that would be bad because it would increase Americans' cholesterol levels. d. None of the above contain only normative statements.
A bank run is
A. the transfer of funds from one bank to another. B. a situation when a bank borrows from the Fed's discount window. C. a situation in which a bank borrows at the Federal funds rate. D. a large-scale, panicky withdrawal of deposits from a bank.
Suppose you own a firm that produces widgets and is a monopoly. The market demand is given by the equation P = 50 - 2Q, where P is the price of gadgets and Q is the quantity of gadgets sold per week. The marginal cost for the firm is 6Q. What is the single price monopoly output and price?
What will be an ideal response?