In a monetary system, credit cards are ________.
A. not money
B. a medium of exchange
C. a store of value
D. a unit of account
Answer: A
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Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. What is the equilibrium wage rate and equilibrium employment if there is illegal immigration?
A. $14 and 142M, respectively
B. $13 and 135M, respectively
C. $14 and 120M, respectively
D. $17 and 135M, respectively
Jordan and Jennifer are musicians in New Orleans. Ezra is a musician thinking about moving to New Orleans. Which of the following statements is correct?
a. The wage needed to keep Jordan and Jennifer in the New Orleans music industry in the long run will be lower than the wage needed to keep them in the industry in the short run. b. The costs of entering the New Orleans music industry are sunk costs for Jordan, Jennifer, and Ezra. c. The costs of entering the New Orleans music industry are sunk costs for Ezra but not for Jordan and Jennifer. d. The wage needed to induce Ezra to enter the New Orleans music industry will be lower than the wage needed to keep him in the industry after he enters. e. The costs of entering the music industry in New Orleans are sunk costs for Jordan and Jennifer, but not for Ezra.
Suppose you could choose how many hours a week you will work and you are currently earning $50 an hour and working 40 hours a week. If you got a pay increase to $60 an hour and decided to work 45 hours, then we may conclude that your
A. income effect outweighed your substitution effect. B. substitution effect outweighed your income effect. C. substitution effect was equal to your income effect.
Which of the following describes the longrun situation in a monopolistically competitive market?
a. Competition drives out firms until there is only one left. b. New firms enter the market because of monopoly profits, the demand curve shifts to the left and becomes flatter, and profits disappear . c. New firms enter the market and eventually there is only one kind of product, and each firm agrees to share the profits. d. Consumers are left with no choices and no close substitutes, and firms make higher profits.